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Strand 1 Economics
| Term | Definition |
|---|---|
| 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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