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Strand 1
| Term | Definition |
|---|---|
| Microeconomics | Part of economics concerned with the effects of single entity and individual decisions |
| values | individual beliefs that motivates people to act one way or another |
| scarcity | having unlimited wants in a world of limited resources |
| Needs | Things that are absolutely necessary to survive and fulfill your commitments |
| wants | things that enrich your life but are not absolutely necessary |
| Opportunity cost | What you give up for something you value more |
| supply | Supply is the amount of a specific good or service that's available in the market demand is the amount of the good or service that customers want to buy |
| demand | demand is the amount of the good or service that customers want to buy |
| supply and demand | Supply and demand are both influenced by thee price of goods and services |
| GDP (Gross Domestic Product) | GDP measures the value of goods and services produced in a country in a given period of time. |
| Supply chain | A network of people and entities who are involved in creating a product and delivering it to its consumer. |
| Inflation | The overall general upward price movement of goods and services in an economy. |
| deflation | The overall general downward price movement of goods and services in an economy. |
| Economic expansion | Sustained increase in a nation’s overall economic output, usually measured by its gross domestic product (GDP). |
| Economic recession | A significant, widespread, and prolonged downturn in economic activity. |
| Economic Depression | A steep and sustained drop in economic activity featuring high unemployment and negative GDP growth. |
| Fiscal Policy | The use of government spending and taxation to influence the economy. |
| monetary policy | The use of government spending and taxation to influence the economy. |
| Traditional | A traditional economy is a system where goods production and distribution are driven by time-honored beliefs, customs, culture, and traditions. |
| 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 | Fascism is a political system where a leader or group has total power and control. It often involves strong nationalism and limits people's freedoms |
| communism | 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 curtailed. |
| Macroeconomics | Large-scale or general economic factors, such as interest rates and national productivity. |
Created by:
Duran1