Ponder - Economics Vocab CH 1, 2, 18
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| Value | worth of a good or service as determined by the market
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| economics | study of how people try to satisfy their needs and wants through the use of limited resources
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| capital | tools, equipment, and factories used in the production of goods and services; one of four factors of production
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| scarcity | 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 | cost of the next best alternative use of money, time, or resources when one choice is made rather than another
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| wealth | sum of tangible economic goods that are scarce, useful, and transferable from one person to another; excludes services
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| labor | people with all their abilities and efforts; one of four factors of production
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| trade-offs | alternative choices made by consumers in the marketplace
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| standard of living | quality of life based on ownership of necessities and luxuries that make life easier
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| good | tangible economic product that is useful, relatively scarce, transferable to others; used to satisfy wants and needs
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| capital good | tool, equipment, or other manufactured good used to produce other goods and services; a factor of pro¬duction
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| consumption | the final use of goods and services.
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| Need | basic requirement for survival; includes food, clothing, and/or shelter
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| want | way of expressing or communicating a need; a broader classification than needs
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| service | work or labor performed for someone; economic product that includes haircuts, home repairs, forms of entertainment
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| production possibilities frontier | diagram representing maximum combinations of goods and/or services an economy can produce when all productive resources are fully employed
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| production | process of creating goods and services with the combined use of land, capital, labor, and entrepreneurship
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| factor market | market where productive resources are
bought and sold
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| durable good | any good that lasts three years or more when used regularly
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| free enterprise economy | economy in which consumers and privately owned businesses make the majority of the WHAT, HOW, and FOR WHOM decisions
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| Social Security | federal program of disability and retirement benefits that covers most working people
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| economic system | organized way in which a society provides for the wants and needs of its people
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| fixed income | income that does not increase even though prices go up
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| capitalism | economic system in which private citizens own and use the factors of production in order to generate profits
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| command economy | economic system characterized by a central authority that makes most of the major economic decisions
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| mixed economy | people carry on their economic affairs freely, but are subject to some government intervention and regulations.
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| profit | the extent to which persons or organizations are better offat the end of period than they were at the beginning.
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| voluntary exchange | 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 | fundamental feature of capitalism, which allows individuals to own and control their possessions as they wish; includes both tangible and intangible property
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| modified private enterprise economy | free enterprise market economy where people carry on their economic affairs freely, but are subject to some government intervention and regulation
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| competition | the struggle among sellers to attract consumers while lowering costs
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| economy | the management of the resources of a community, country, etc., especially with a view to its productivity which includes frugality in the expenditure or consumption of money, materials, etc.
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| consumer sovereignty | role of consumer as ruler of the market when determining the types of goods and services produced
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| profit | extent to which persons or organizations are better off at the end of a period than they were at the beginning; usually measured in dollars
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| traditional economy | 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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| inflation | 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 | economy in which competition is allowed to flourish with a minimum of government interference; term used to describe the American economy
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| market economy | 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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| privatization | conversion of state-owned factories and other property to private ownership
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| collectivization | forced common ownership of factors of production; used in the former Soviet Union in agriculture and manufacturing under Stalin
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| capital-intensive industries | production method requiring relatively large amounts of capital relative to labor
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| perestroika | Soviet restructuring to make production more competitive in a market economy
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| state farm | large farms owned and operated by the state in the former Soviet Union
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| Great Leap Forward | Chinese plan to institute pure communism and industrial and agricultural revolution within five years
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| Piecework | workers are paid for each unit produced
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| collateral | property or other security used to guarantee repayment of a loan
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| keiretsu | industry collaborative that prevents harmful competition among Japanese businesses
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| communism | economic and political system in which factors of production are collectively owned and directed by the state; theoretically classless society in which everyone works for the common good
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| transparency | making business dealings more visible to everyone, especially government regulators
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| storming | Soviet practice of rushing production at month's end to fulfill quotas, often resulting in production of shoddy goods
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| infrastructure | the highways, mass transit, communications, power, water, sewerage and other public goods needed to support a population
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| Five-Year Plan | comprehensive centralized economic plan used by the Soviet Union and China to coordinate development of agriculture and industry
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| black market | market in which economic products are sold illegally
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| socialism | 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 | central planning authority in former Soviet Union
that devised and directed Five-Year plans
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| collective farm | small farms in the former Soviet Union owned by the state, but operated by families who shared in some of the profits
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| Solidarity | independent, sometimes illegal Polish labor union founded in 1980 by Lech Walesa
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