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Strand 1 Economics

TermDefinition
Land All the natural resources found on the planet
Labor The physical effort we put into producing goods or services
Capital Any human-created resource that is used to produce other goods or services
Physical Capital Physical/human-made stuff to help in the production of goods or services
Human Capital Humans with the knowledge and skills needed
Entrepreneurship The process of launching and running a business in order to make money
Market Economy An economic system in which production and prices are determined by unrestricted competition between privately owned businesses
Command Economy An economy in which production, investment, prices, and incomes are determined centrally by a government
Mixed Economy An economic system combining private and public enterprise
Macroeconomics Large-scale or general economic factors, such as interest rates and national productivity
Rival Goods Goods where one individual's consumption limits the ability of others to consume it
Non-Rival Goods Consumption of goods does NOT limit the ability of others to consume it
Non-Excludable Goods that does NOT exclude any individuals or groups from using it
Excludable Goods that exclude some individuals or groups from using it
Opportunity Cost The things you give up for the things you want
Scarcity Having unlimited wants in a world of limited resources
Utility How well something satisfies a person's wants or needs
Microeconomics Part of the economics concerned with the effects of single entity and individual decisions
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 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/regime that exalts nation and often race above the individual; stands for a centralized autocratic government headed by a dictatorial leader, severe economic and social regimentation, and forcible suppression of opposition
Communism A political/economic ideology that positions itself in opposition to liberal democracy and capitalism, advocating instead for a classless system where the means of production are owned communally and private property is nonexistent or severely curtailed
Traditional Economy A system where goods production and distribution are driven by time-honored beliefs, customs, culture, and traditions
Created by: Aaron C
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