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Economics
Strand 1 FInLit
| Term | Definition |
|---|---|
| Market | An economic system in which production and prices are determined by unrestricted competition between privately owned businesses. |
| Command | An economy in which production, investment, prices, and incomes are determined centrally by a government. |
| Mixed | An economic system combining private and public enterprise. |
| Capitalism | An economic and political system in which a country's trade and industry are controlled by private owners for profit. |
| Laissez-Faire | Absence of governments from interfering in the workings of the free market. |
| Social Market | Social marketing is a marketing approach which focuses on influencing behavior with the primary goal of achieving "common good." |
| Neo-Capitalism | Neo-capitalism is an economic ideology which corrects its excesses by applying various measures which help protect the country’s social well-being. |
| Socialism | A political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole. |
| Fascism | A political philosophy, movement, or regime that exalts nation and often race above the individual and that stands for a centralized autocratic government headed by a dictatorial leader, severe economic and social regimentation, and forcible suppression o |
| Communism | A political and economic ideology that positions itself in opposition to liberal democracy and capitalism, advocating instead for a classless system in which the means of production are owned communally and private property is nonexistent or severely curt |
| Traditional | A traditional economy is a system where goods production and distribution are driven by time-honored beliefs, customs, culture, and traditions. |
| Utility | How well something satisfies a person's wants or needs |
| Macroeconomics | Large-scale or general economic factors, such as interest rates and national productivity. |
| Endowment affect | When something you own is more worth it than what you could have owned |
| Sunk cost falacy | When you use it to try and get your moneys worth |
| Fear of missing out | Do stuff to make sure i don't miss out on things |
| Loss Aversion | I hate losing more than I love winning |
| confirmation Bias | Trying to get yesses for what we believe |
| Hedonic Adaptation | Returning to level state |
| Herd mentality | We all do the same thing |
| FAFSA | Free Application for Federal Student Aid |
| Scholarship | Financial educational support based on achievement |
| Grant | Financial educational support based on need |
| Work Study | Work part-time while attending school. |
| Insurance | A company or government agency that provides compensation for specified loss, damage, illness, or death, in return for payment. |
| Premium | What you pay to have insurance |
| deductible | what you pay before insurance kicks in |
| Co-Insurance | percentage of what you pay after you have payed the deductible and before out of pocket max. |
| Liability | Protects you financially if you're responsible for the damage |
| collision | coverage that helps pay for damage when caused by running into other things |
| comprehensive | coverage that pays for damage to your vehicle caused by events outside of your control |
Created by:
perrypre000
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