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Unit 1: Economics

Intro to Business: Economics Vocabulary

TermDefinition
Law of Diminishing Return A concept in economics that if one factor of production (number of workers, for example) is increased while other factors (machines and workspace, for example) are held constant, the output per unit of the variable factor will eventually diminish.
Economies of Scale The situation in which companies can reduce their production costs if they can purchase raw materials in bulk; the average cost of goods goes down as production levels increase
Bulk Sale Large volume of goods sold in a single transaction.
Mass production producing goods in large quantities at low cost per unit
Business Cycles The periodic rises and falls that occur in economies over time
Expansion A period of robust economic growth and high employment
Peak The highest value reached by some quantity in a time period
Contraction A period of economic decline or negative growth
Trough The lowest turning point of a business cycle
Division of Labor a production process in which a worker or group of workers is assigned a specialized task in order to increase efficiency.
Specialization the act of specializing, or pursuing a particular line of study or work
Productivity the rate at which goods and services having exchange value are brought forth or produced
Assembly Line an arrangement of machines, tools, and workers in which a product is assembled by having each perform a specific, successive operation on an incomplete unit as it passes by in a series of stages organized in a direct line
Money Supply The amount of money the Federal Reserve Bank makes available for people to buy goods and services
Federal Reserve Central banking system of the United States
Money Anything generally accepted as a medium of exchange, a measure of value, or a means of payment
Credit Allows a borrower to buy a good or acquire an asset without making immediate payment, and to repay the balance at a later time
Monetary Policy Federal Reserve decisions that shape the economy by influencing interest rates and the supply of money
Global Environment multiple sovereign nations outside of the organization's home environment influencing how the organization makes decisions for how to use its resources.
Leading Economies The world’s best economies based on the calculation of gross domestic product (GDP)
Social Norms the rules of behavior that are considered acceptable in a group or society.
Globalization a process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology
Gross Domestic Product (GDP) The total value of final goods and services produced in a country in a given year
Incentive Something that motivates a person to do something
Monetary Relating to money or currency
Non-Monetary Items other than money or currency
Labor Union An employee organization that has the main goal of representing members in employee-management bargaining over job-related issues
Collective Bargaining The process whereby union and management representatives form a labor-management agreement, or contract, for workers
Negotiation discussion aimed at reaching an agreement.
Grievance A charge by employees that management is not abiding by the terms of the negotiated labor-management agreement
Mediation The use of a third party called a mediator, who encourages both sides in a dispute to continue negotiating and often makes suggestions for resolving the dispute
Arbitration The agreement to bring in an impartial third party to render a binding decision in a labor dispute
Perfect Competition The degree of competition in which there are many sellers in a market and none is large enough to dictate the price of a product
Monopolistic Competition The degree of competition in which a large number of sellers produce very similar products that buyers nevertheless perceive as different
Oligopoly A degree of competition in which just a few sellers dominate the market
Monopoly A degree of competition in which only one seller controls the total supply of a product or service, and sets the price.
Sustainability Meeting the needs of the present without compromising the ability of future generations to meet their own needs
Taxation the practice of a government collecting money from its citizens to pay for public services. Without taxation, there would be no public libraries or parks
Created by: misskline