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Economics Vocab
Section 18-25
| Question | Answer |
|---|---|
| Opportunity Cost | cost of the next best use of your time or money when you choose to do one thing rather than another |
| Price System | way most goods an services are distributed in the US |
| Economic Choices | what to produce, how to produce and for whom to produce |
| Trade-Off | pollution-free air means less driving |
| Macroeconomics | branch of economics that deals with the economy as a whole |
| Total Revenue | the number of units sold multiplied by the average price per unit |
| Capitalism | economic system in the United States |
| Wants | things people would like to have |
| Human Resources | people who provide labor, knowledge, and skills |
| Fixed Cost | costs that are the same no matter how many units of a good are produced |
| Impulse Buying | buying things to feel better |
| Bankruptcy | the inability to pay debts |
| Return | profit earned by an investor |
| Down Payment | a part of the purchase part |
| Interest | the payment people receive when they lend money |
| Disposable Income | the income that remains after all taxes on it have been paid |
| Comparison Shopping | comparing prices, warranties, customer service, and other elements at various stores |
| Credit | paying later for something you received today |
| Dividend | payment given to a shareholder |
| Discretionary Income | the money remaining after paying for neccessities |
| Demand Elasticity | extent to which a change in price causes a change in quantity demanded |
| Price Ceiling | government-set maximum price that can be charged for goods and services |
| Polling Consumers | way to measure demand |
| Supply Elasticity | measure of how the quantity supplied of a good or service changes in response to changes in price |
| Market Supply | combined supply schedules of all businesses that provide the same good or service |
| Market Demand | total demand of all consumers to buy a product or service |
| Law of Supply | principle that suppliers will normally offer more for sale at higher prices and less at lower prices |
| Individual Demand | desire, willingness, and ability of one person to buy a good or service |
| Unlimited Liability | financial responsibility for any and all problems related to a business |
| Strike | action in which union workers refuse to work |
| Lockout | action taken by a business to prevent workers from entering its building |
| Stockholders | people who are part owners of a corporation |
| Sole Proprietorship | business owned and operated by a single person |
| Safe Working Environment | responsibility that a business has to its employees |
| Corporation | business that sells stock in order to operate |
| Collective Bargaining | negotiating a contract on behalf of a group of people |
| Safe Product | responsibility that a business has to its consumers |
| Complete Financial Reporting | responsibility that a business has to its owners |
Created by:
kaatie05
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