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econ vocab

TermDefinition
economics The study of how people choose to use their limited resources to satisfy their unlimited wants.
economy A system used to manage limited resources for the production, distribution, and consumption of goods and services.
positive economics The branch of economics that uses objective analysis to find out how the economy actually works.
normative economics The branch of economics that applies value judgments to data to recommend actions or policies.
scarcity The condition that results because people have limited resources but unlimited wants.
tradeoff The exchange of one benefit or advantage for another that is thought to be better.
cost-benefit analysis A way to compare the costs of an action with the benefits of that action.
incentive Something that motivates a person to take a particular course of action.
goods Physical articles that have been produced for sale or use.
services Work done by someone else for which a consumer, business, or government is willing to pay.
factors of production The resources used to produce goods and services: land, labor, and capital.
entrepreneurship The willingness and ability to take the risks involved in starting and managing a business.
capital The tools, machines, and buildings used to produce goods and services.
productivity A measure of the efficiency with which goods and services are produced, stated as output per unit of input.
opportunity cost The value of the next best alternative that is given up when making a choice.
production possibilities frontier PPF A model showing all combinations of two goods that can be produced with current resources and technology.
specialization The development of skills or knowledge in one aspect of a job or field.
division of labor The allocation of separate tasks to different people based on specialization.
barter The direct exchange of goods or services without using money.
voluntary exchange The act of willingly trading one item or service for another.
money A generally accepted medium of exchange used to trade for goods and services or pay debts.
economic interdependence The condition in which people rely on others for most of the goods and services they want.
absolute advantage The ability to produce a good or service using fewer resources than someone else.
comparative advantage The ability to produce a good or service at a lower opportunity cost than someone else.
economic equity The fairness with which an economy distributes its resources and wealth.
economic system A society's way of coordinating the production and consumption of goods and services.
traditional economy An economic system in which decisions about production and consumption are based on custom and tradition.
command economy An economic system in which decisions about production and consumption are made by a powerful ruler or government.
market economy An economic system in which economic decisions are left up to individual producers and consumers.
factor payment Income earned when an individual sells or rents a factor of production that they own.
mixed economy An economic system in which both the government and individuals play important roles in production and consumption.
free enterprise system An economic system in which the means of production are mostly privately owned and operated for profit.
demand The quantity of a good or service that consumers are both willing and able to buy at various prices.
law of demand As the price of a good or service increases, quantity demanded decreases, and vice versa.
substitute good A product that satisfies the same basic want as another product.
complementary good A product that is used or consumed jointly with another product.
supply The quantity of a good or service that producers are willing and able to offer for sale at various prices.
law of supply As the price of a good or service increases, quantity supplied increases, and vice versa.
revenue The total amount received by a business for selling a good or service; price times quantity sold.
elasticity A measure of the degree to which quantity demanded or supplied changes in response to a change in price.
sole proprietorship A business owned and managed by one person.
liability The legal responsibility to repay debts and pay for damages resulting from a lawsuit.
partnership A business owned by two or more coowners who share profits and are legally responsible for the business's debts.
corporation A business owned by shareholders who have limited liability for the firm's debt.
multinational corporation A corporation that does business in more than one country.
business franchise An arrangement in which a parent company distributes its products or services through independently owned outlets.
cooperative A business organization jointly owned and operated by a group of individuals for their mutual benefit.
nonprofit organization An organization that functions much like a business but does not operate to make a profit.
labor force The portion of the population that has paid work or is seeking work.
offshoring Relocating work and jobs to another country.
equilibrium wage The rate of pay that results in neither a surplus nor a shortage of labor.
fringe benefits Nonwage compensation offered to workers in addition to pay, such as health care and vacation benefits.
wage gap A difference in the wages earned by various groups in society.
affirmative action Policies designed to promote hiring of individuals from groups that have historically faced job discrimination.
collective bargaining Negotiations between an employer and a group of employees, usually represented by a labor union, to determine employment conditions.
right-to-work law A law that prohibits employers from making union membership a requirement for getting or keeping a job.
Created by: user-2066071
 

 



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