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May 18

WordDefinition
Producer Price Index Monthly reports on the costs of production to producers
Law of Diminishing Returns Economic law that says at some point increasing one factor of production only will decrease productivity
Recycling the reusing of old materials to make new ones
Education and Training Chief way to develop human capital
Market getting goods to consumers who want them
Laissiz-faire Economic philosophy that the government should not regulate the economy
Invisible Hand (blank)
Competition The struggle that goes on between buyers and sellers to get the best products at the lowest prices
Cooperation an organization formed to share business costs or to buy and sell goods at the lowest possible price
Consumer Severeignty Belief that the demand of consumers drives the economy
Profit Motive Reason people go into business, to make money
Exchange Price at which one country's money is exchanged for another county's mother
Communist Manifesto Capsule statement of the philosophy of communism, written by Karl Marx and Friedrich Engles
Wealth of Nations Adam Smith's classic 1776 statement of the virutes of a free-market economy
Keynesian Theory Economic view that government involvement is necessary to promote economic growth and stability
Market Economy Economy that runs of the free enteprise system
Mixed Economy Economy that uses both free-market and command elements
Command Economy Economy that is organized and operated by the government
Traditional Economy Economy in which economic decision repeat the decisions made in the past
Parents (blank)
Copyrights Legal protection for written or other creative work
Created by: Civics123
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