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Study Guide For Econ
| Term | Definition |
|---|---|
| Unskilled Labor | Jobs requiring minimal training or expertise, often involving basic tasks and routine activities. |
| Semi-skilled Labor | Work that demands some training but not highly specialized skills, often falling between unskilled and skilled labor. |
| Skilled Labor | Occupations requiring specific training or expertise, typically in a particular field or trade. |
| Professional Labor | High-level jobs characterized by advanced education, specialized knowledge, and skills, often in fields like medicine, law, or engineering. |
| Horizontal Merger | The combination of companies operating in the same industry and at the same production stage, aiming to increase market share or efficiency. |
| Vertical Merger | Merging of companies at different production stages or within the supply chain, aiming to streamline operations and reduce costs. |
| Conglomerate | A corporation that owns a diverse range of unrelated businesses, often with the goal of spreading risk. |
| Multinational | A company operating in multiple countries, dealing with various markets and adapting to different cultures. |
| Franchise | A business model where individual's or groups operate under a parent company's brand, following its established business model. |
| Cooperative | A business owned and operated by its members for mutual benefit, with decision-making typically shared among members. |
| FDIC | The Federal Deposit Insurance Corporation, a U.S. government agency that insures deposits in banks and savings associations. |
| Surplus | The condition where the quantity of a good exceeds the demand, potentially leading to a decrease in price. |
| Shortage | Insufficient supply of a good to meet demand, often leading to an increase in price. |
| Supply | The amount of a good or service available in the market. |
| Demand | The desire and ability of consumers to purchase a particular good or service. |
| Human capital | The collective skills, knowledge, and abilities possessed by individuals, contributing to their economic productivity. |
| Physical Capital | Tangible assets like machinery, equipment, and infrastructure used in the production process. |
| Competition | Rivalry among businesses for customers, which can drive innovation and efficiency. |
| Invisible Hand | The concept that individual self-interest, in a competitive market, unintentionally contributes to the overall well-being of society. |
| Factors of Production | Resources including land, labor, and capital used in the production of goods and services. |
| Trade-Offs | The sacrifices made to gain something else; the concept of giving up one option to pursue another. |
| Opportunity Cost | The value of the next best alternative forgone when a decision is made. |
| Equilibrium | The point where the quantity supplied equals the quantity demanded, resulting in a stable market price. |
| Free Enterprise | An economic system characterized by minimal government interference in business activities. |
| Market Economy | An economic system where decisions about production, investment, and distribution are determined by supply and demand. |
| Command Economy | An economic system where the government centrally plans and controls production and distribution. |
| Traditional Economy | An economic system based on customs, traditions, and rituals, often found in less developed societies. |
| Mixed Economy | A combination of elements from market and command economies. |
| Scarcity | The fundamental economic problem of limited resources compared to unlimited wants. |
| Oligopoly | A market structure where a small number of firms dominate the industry. |
| Monopoly | A market structure where a single seller controls the entire market. |
| Complementary | Goods that are often consumed together, as one enhances the use or value of the other. |
| Dividend | A payment to shareholders from a company's profits. |
| Stock | Ownership share in a company, representing a claim on part of the company’s assets and earnings. |
| Antitrust Legislation | Laws designed to prevent monopolistic practices and promote fair competition. |
| Regulatory Agencies | Government bodies responsible for overseeing and regulating specific industries to ensure fair practices. |
| Labor Unions | Organizations formed by workers to protect their rights and interests in the workplace. |
| Collective Bargaining | Negotiations between employers and labor unions to reach agreements on terms and conditions of employment. |
| Elastic | Describes the responsiveness of quantity demanded or supplied to changes in price. |
| Substitute | Goods that can be used in place of each other. |
| Corporate Bond | A debt security issued by corporations to raise capital, paying periodic interest to bondholders. |
| Mutual Bond | A type of investment fund that pools money from various investors to invest in bonds. |
| Savings Bond | A government-issued bond for individual investors, typically with lower denominations |
| Price Ceiling | The maximum price set by the government to prevent prices from rising above a certain level. |
| Price Floor | The minimum price set by the government to prevent prices from falling below a certain level. |
| Need | Something essential for survival or well-being. |
| Microeconomics | The study of individual economic units such as households and businesses. |
| Macroeconomics | The study of the economy as a whole, focusing on indicators like GDP, inflation, and unemployment. |
| Labor Force | The total number of people available and seeking employment. |
| Productivity | The measure of output per unit of input, indicating efficiency. |
| Contingent Employment | Non-permanent work arrangements, including temporary and part-time jobs. |
| Service Employment | Jobs in the service sector, involving the provision of intangible goods or services. |
| Glass Ceiling | An invisible barrier hindering the advancement of certain groups in the workplace. |
| April 15 | Tax filing deadline in the United States |
| FICA | Federal Insurance Contributions Act, which includes Social Security and Medicare taxes. |
| Income Tax | A tax on individuals' earnings |
| Sales Tax | A tax imposed on the sale of goods and services. |
| Mortgage | A loan for purchasing real estate, typically with the property as collateral. |
| Student Loan | A loan to finance education expenses. |
| Title Loan | A loan using a vehicle title as collateral |
| Payday Loan | A short-term, high-interest loan typically due on the borrower's next payday. |
| Liability Insurance | Coverage that protects against claims for third-party injury or property damage. |
| Health Insurance | Coverage that pays for medical expenses. |
| Collision Insurance | Coverage that pays for damage to a vehicle in accidents. |
| Comprehensive Insurance | Coverage that protects against non-collision events like theft or natural disasters. |
| Bond | Purchasing U.S. Treasury bonds to lend money to the government. |
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alopez3531
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