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CIVICS VOCABULARY 1

36 VOCABULARY WORDS

TermDefinition
open economy an economy in which economic activities occur between the country and the international community
depression a time in which unemployment is very high, consumer spending is low, and business output is sharply reduced such as what occurred in the United States in the 1930's
gross domestic product (GDP) the sum of all goods and services produced in a country during a year
entrepreneur an individual who risks his or her wealth, time, and effort to develop for profit in innovaetive products or ways of doing something
economic expansion this occurs when an economy is growing and people are spending more money
unemployment measured as the percentage of the population that wants to work but is unable to find jobs
standard of living refers to the level of wealth and material comfort that people have available for them
budget deficit when a nation spends more than it takes in from taxes
recession a decline in production, employment, and income
economic contraction occurs when spending declines
business an occupation, profession or trade to earn a profit by providing products that satisfy people's needs
product anything that is made to satisfy a want or a need
profit the difference between what it costs to make and sell a product and what customers pay for it
non-profit organizations organizations that are not in the business of earning profits although they provide goods or services and may engage in fund raising (Examples: public radio, or charities
stakeholders those who have an interest in the success and outcome of a business
economics the study of how resources are distributed for the production of goods and services within a social system
natural resources the naturally occurring resources that are naturally a part of our natural planet which are directed toward production--including land, water, wildlife, vegetation, air, climate, sunshine, mineral deposits, and soil nutrients.
financial resources/capital funds (money) used to acquire natural and human resources needed to provide products
economic system the systems by which a particular society distributes its resources to produce goods and services
Communism a society in which the people, regardless of class, own all the nation's resources.
Socialism an economic system in which the government owns and operates basic industries ( postal service, telephone, utilities transportation, health care banking) but individuals own most businesses
Capitalism/Free Enterprise an economic system in which individuals own and operate the majority of businesses that provide goods and services
free market system all economic decisions are made without government intervention
mixed economies elements from more that one economic system
demand the number of goods and services that consumers are willing to buy at different prices, at a specific time
supply the number of products that businesses are willing to sell at different prices at a specific time
equilibrium price the price at which the number of products that businesses are willing to supply equals the amount of products that consumers are willing to pay a specific point in time
competition the rivalry among business for consumer dollars is another vital element in free enterprise
pure competition exists when there are many businesses selling one standard product
monopolistic competition exists when there are fewer businesses that in a pure competition environment and the difference among the goods they sell are small
oligopoly exists when there are very few businesses selling a product
monopoly when there is one business providing a product in a given market
Created by: 9thGrade
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