Ponder - Economics Vocab CH 1, 2, 18
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| Value | show 🗑
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| show | study of how people try to satisfy their needs and wants through the use of limited resources
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| capital | show 🗑
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| show | fundamental economic problem facing all societies that results from a combination of scarce resources and people's virtually unlimited wants
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| opportunity cost | show 🗑
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| show | sum of tangible economic goods that are scarce, useful, and transferable from one person to another; excludes services
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| show | people with all their abilities and efforts; one of four factors of production
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| show | alternative choices made by consumers in the marketplace
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| show | quality of life based on ownership of necessities and luxuries that make life easier
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| show | tangible economic product that is useful, relatively scarce, transferable to others; used to satisfy wants and needs
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| capital good | show 🗑
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| consumption | show 🗑
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| show | basic requirement for survival; includes food, clothing, and/or shelter
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| want | show 🗑
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| service | show 🗑
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| production possibilities frontier | show 🗑
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| show | process of creating goods and services with the combined use of land, capital, labor, and entrepreneurship
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| factor market | show 🗑
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| show | any good that lasts three years or more when used regularly
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| show | economy in which consumers and privately owned businesses make the majority of the WHAT, HOW, and FOR WHOM decisions
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| show | federal program of disability and retirement benefits that covers most working people
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| show | organized way in which a society provides for the wants and needs of its people
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| fixed income | show 🗑
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| capitalism | show 🗑
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| show | economic system characterized by a central authority that makes most of the major economic decisions
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| mixed economy | show 🗑
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| profit | show 🗑
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| show | act of buyers and sellers freely and willingly engaging in market transactions; characteristic of capitalism and free enterprise
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| private property rights | show 🗑
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| modified private enterprise economy | show 🗑
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| show | the struggle among sellers to attract consumers while lowering costs
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| economy | show 🗑
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| consumer sovereignty | show 🗑
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| profit | show 🗑
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| show | economic system in which the allocation of scarce resources and other economic activity is the result of ritual, habit, or custom
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| show | a persistent, substantial rise in the general level of prices related to an increase in the volume of money and resulting in the loss of value of currency
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| free enterprise | show 🗑
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| show | economic system in which supply,demand, and the price system help people make decisions and allocate resources; same as free enterprise economy
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| show | conversion of state-owned factories and other property to private ownership
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| show | forced common ownership of factors of production; used in the former Soviet Union in agriculture and manufacturing under Stalin
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| show | production method requiring relatively large amounts of capital relative to labor
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| show | Soviet restructuring to make production more competitive in a market economy
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| show | large farms owned and operated by the state in the former Soviet Union
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| show | Chinese plan to institute pure communism and industrial and agricultural revolution within five years
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| show | workers are paid for each unit produced
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| collateral | show 🗑
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| show | industry collaborative that prevents harmful competition among Japanese businesses
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| communism | show 🗑
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| show | making business dealings more visible to everyone, especially government regulators
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| storming | show 🗑
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| show | the highways, mass transit, communications, power, water, sewerage and other public goods needed to support a population
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| show | comprehensive centralized economic plan used by the Soviet Union and China to coordinate development of agriculture and industry
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| black market | show 🗑
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| show | economic system in which the government owns some basic productive resources and manages them in the best interests of society
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| Gosplan | show 🗑
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| collective farm | show 🗑
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| show | independent, sometimes illegal Polish labor union founded in 1980 by Lech Walesa
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breckart2
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