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Social Studies
Economy
| Question | Answer |
|---|---|
| business cycle | growth and decline in the economy over time |
| capital | goods used to make other goods |
| chart | a visual representation of data; also called a graph |
| command economy | economy system in which government or central planners make all economic decisions |
| consumer price index (CPI) | measurement showing how much it costs an average consumer to buy specific goods |
| data | information given as numbers |
| demand | how much of something consumers demand |
| economic indicator | piece of data that gives suggestions about patterns in the economy |
| entrepreneurship | the willingness to take risks to start a business |
| factor of production | resource used to make goods and services |
| good | physical object made for consumption |
| graph | a visual representation of data; also called a chart |
| gross domestic product (GDP) | the value of all the goods and services a place produces in a year |
| labor | the efforts of workers |
| labor movement | movement to fight for the rights of workers |
| labor union | organization that tried to bargain on the behalf of workers |
| market economy | economic system in which producers and consumers make all economic decisions |
| market equilibrium | the point at which supply and demand are equal |
| minimum wage | lowest amount a person can be paid per hour |
| mixed economy | economic system in which producers, consumers, and government all make economic decicions |
| need | something people have to have to survive |
| producer | person who makes and sells goods and services |
| regulation | a rule set by the government |
| scarcity | the condition of not having enough of something for everyone to have what they want and need |
| service | something done for someone else |
| shortage | having too little of something to meet demand |
| supply | how much of something producers make |
| surplus | having too much of something to meet demand |
| table | a visual representation of information using words or numbers set in rows and columns |
| traditional economy | economic system in which people make decisions based on how things have been done over time |
| unemployment rate | percentage of people who do not have jobs but are looking for work |
| Wagner Act | law that guarantees workers the right to organize |
| want | something people would like to have but do not have to have |
Created by:
cmseymour
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