Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
ECO Topic 2 Voc Pt2
ECO Topic 2 Vocabulary Lessons 5,6,7 PEARSON 2016
| Term | Definition |
|---|---|
| profit motive | the incentive that drives individuals and business owners to improve their material well-being |
| legal equality | the principle that everyone has the same legal rights |
| private property rights | the principle that people have the right to control their possessions and use them as they wish |
| interest group | a private organization that tries to persuade public officials to act in ways that benefit its members |
| patriotism | love of one’s country |
| eminent domain | the right of a government to take private property for public use |
| public interest | the concerns of society as a whole |
| microeconomics | the study of economics behavior and decision-making in small units, such as households and firms |
| macroeconomics | the study of economic behavior and decisions in a nation’s whole economy |
| gross domestic product | the dollar value of all final goods and services produced within a country’s borders in a given year |
| business cycle | a period of macroeconomic expansion, or growth followed by one of contraction, or decline |
| patent | a license that gives the inventor of a new product the exclusive right to sell it for a specific period of time |
| copyright | a government document that grants an author exclusive rights to publish and sell creative works |
| work ethic | a commitment to the value of work |
| public good | a shared good or service for which it would be inefficient or impractical to make consumers pay individually and to exclude those who did not pay |
| public sector | the part of the economy that involves the transactions of the government |
| private sector | the part of the economy that involves the transactions of individuals and businesses |
| infrastructure | that basic facilities that are necessary for a society to function and grow |
| free rider | someone who would not be willing to pay for a certain good or service but who would get the benefits of it anyway if it were provided as a public good |
| market failure | a situation in which the free market, operating on its own, does not distribute resources efficiently |
| externality | an economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume |
| poverty threshold | an income level below that which is needed to support families or households |
| welfare | government aid to the poor |
Created by:
cwarsing
Popular Economics sets