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CIV M6 Review

Civics Module 6 Review

TermDefinition
Economics The study of how people and countries obtain their needs and wants with limited resources.
Economic Systems The method used by a country to determine how best to influence trade and production of goods and services to meet the wants and needs of its people.
Laissez-faire Economics An idea that says the market should be left alone and the government should be hands-off.
Free Enterprise System The people are free to start a business and run it on their own with little government interference.
Capital Resources and raw materials needed to produce the goods and services of a country.
Capitalism The people or businesses own the capital privately and make money off of the goods and services they produce.
Command Economy The government owns most of the capital, goods, and services. The people have little to no say over the economy.
Traditional Economy The type of job a person does is passed down by tradition or custom.
Market Economy There is no government involvement in this economy. People trade goods and services on their own.
Mixed Economy Most goods and services are traded privately by the people, but there is some government involvement in this economy.
Fiscal Policy An economic tool used to influence spending or the production of through things like changes in tax policy.
Gross Domestic Product The measure of the economy based on the total amount of final goods and services produced in a year.
Communism A single group of people would own the property, goods, and services and there would be no need for government.
Socialism The way items are produced and sold are to be controlled and owned by society through the government.
Demand The want, willingness, and resources to buy a good or service.
Supply The amount of goods and services a producer is willing to make at a certain time.
Market The place where people trade goods and services for money.
Market Equilibrium Price The point where supply and demand reach a balance.
Surplus The amount of goods left over when the number supplied is greater than the number demanded.
Shortage The amount of goods demanded which is greater than the number of goods produced.
Competition When two or more businesses are in conflict because they make the same good or provide the same service.
Monopoly When there is only one business providing a good or service.
Oligopoly When there are a few businesses providing a good or service.
Monopolistic Competition A competitive market where each business sells a slightly different good or service.
Perfect Competition A competitive market where there are many businesses with the exact same good or service to offer the public.
Merger A merger is when two businesses come together to make one larger business.
Scarcity When limited resources prevent us from producing all of the goods and services we want or need.
Trade-off The economic sacrifice a person makes when choosing one thing over another.
Opportunity Cost The value of the sacrifice made when choosing one good or service over another.
Factors of Production The resources needed to make goods or services.
Land Natural resources, or goods provided by nature, that are used to produce goods and provide services.
Labor The people or effort that goes into making a good or service.
Capital Resources and raw materials needed to produce the goods and services of a country.
Entrepreneurship People who invest and are willing to take a risk in business.
Created by: dmcsorley13
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