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ISAEP Economic Vocab
Essential Economic Terms
| Term | Definition |
|---|---|
| Economics | the study of how people choose to use their limited resources to satisfy unlimited wants |
| Capital | a term used for things that produce income |
| Resources | anything that can be used to produce something else |
| Market | a medium that allows buyers and sellers of a specific good or service to come together for an exchange |
| Incentive | something that provokes an action or greater effort, as a reward for increased productivity |
| Monopoly | a market containing a single firm that has or s close to total control of the sector |
| Marginal Decisions | decisions based on whether to do a bit more or less of of something. (not "either or" but "how much") |
| Opportunity Costs | a benefit that a person could have received but gave up to take another course of action |
| Comparative Advantage | a situation that arises when one person or company can perform a task at a lower opportunity cost than someone else is able to perform the same task |
| Specialization | being very good or even excellent at a particular thing or task |
| Interdependence | the condition of being mutually dependent on each other |
| Profit | the bottom line, the amount of income that remains after accounting for expenses, debts and operating costs |
| Trade-Off | when you compare the costs with the benefits of doing something |
| Supply | the amount of good or service that producers are willing and able to offer at a particular price |
| Subsidy | a cash payment aimed at helping a producer to continue to operate |
| Demand | the quantity of a good or service that consumers are both willing and able to buy |
| Excise Tax | a tax imposed on some goods, especially luxury items, which adds to the production costs of every unit produced |
| Individual Choice | the decision made by an individual of what to do, which necessarily involves a decision of what not to do |
| Producer Goods | materials and parts businesses use to make products and services to sell |
| Consumer Goods | finished products made and sold by businesses |
| Market Cap | the total value of a company's shares of stocks. (price per stock x number of outstanding shares) |
| Federal Reserve | the central banking system of the United States of America |
| Gross Domestic Product/GDP | the monetary value of all the finished goods and services produced within a country's borders in a specific time period |
| Unemployment | when a person who is actively looking for employment is unable to find work |
| Tariff | a tax imposed on imports or exports. These are usually imposed to restrict trade |
| Deflation | when prices of goods and services fall and people can purchase more good with limited money (high dollar value) |
| Inflation | when the prices of goods and services get a boost which decreases the buying power of the money (low dollar value) |
| Entrepreneurship | the process of designing, launching and running a new business |
Created by:
Ronchima
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