Intro to Business: Economics Vocabulary
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| Law of Diminishing Return |
A concept in economics that if one factor of production (number of workers, for example) is increased while other factors (machines and workspace, for example) are held constant, the output per unit of the variable factor will eventually diminish.
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| Economies of Scale |
The situation in which companies can reduce their production costs if they can purchase raw materials in bulk; the average cost of goods goes down as production levels increase
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| Bulk Sale |
Large volume of goods sold in a single transaction.
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| Mass production |
producing goods in large quantities at low cost per unit
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| Business Cycles |
The periodic rises and falls that occur in economies over time
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| Expansion |
A period of robust economic growth and high employment
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| Peak |
The highest value reached by some quantity in a time period
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| Contraction |
A period of economic decline or negative growth
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| Trough |
The lowest turning point of a business cycle
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| Division of Labor |
a production process in which a worker or group of workers is assigned a specialized task in order to increase efficiency.
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| Specialization |
the act of specializing, or pursuing a particular line of study or work
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| Productivity |
the rate at which goods and services having exchange value are brought forth or produced
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| Assembly Line |
an arrangement of machines, tools, and workers in which a product is assembled by having each perform a specific, successive operation on an incomplete unit as it passes by in a series of stages organized in a direct line
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| Money Supply |
The amount of money the Federal Reserve Bank makes available for people to buy goods and services
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| Federal Reserve |
Central banking system of the United States
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| Money |
Anything generally accepted as a medium of exchange, a measure of value, or a means of payment
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| Credit |
Allows a borrower to buy a good or acquire an asset without making immediate payment, and to repay the balance at a later time
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| Monetary Policy |
Federal Reserve decisions that shape the economy by influencing interest rates and the supply of money
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| Global Environment |
multiple sovereign nations outside of the organization's home environment influencing how the organization makes decisions for how to use its resources.
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| Leading Economies |
The world’s best economies based on the calculation of gross domestic product (GDP)
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| Social Norms |
the rules of behavior that are considered acceptable in a group or society.
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| Globalization |
a process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology
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| Gross Domestic Product (GDP) |
The total value of final goods and services produced in a country in a given year
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| Incentive |
Something that motivates a person to do something
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| Monetary |
Relating to money or currency
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| Non-Monetary |
Items other than money or currency
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| Labor Union |
An employee organization that has the main goal of representing members in employee-management bargaining over job-related issues
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| Collective Bargaining |
The process whereby union and management representatives form a labor-management agreement, or contract, for workers
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| Negotiation |
discussion aimed at reaching an agreement.
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| Grievance |
A charge by employees that management is not abiding by the terms of the negotiated labor-management agreement
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| Mediation |
The use of a third party called a mediator, who encourages both sides in a dispute to continue negotiating and often makes suggestions for resolving the dispute
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| Arbitration |
The agreement to bring in an impartial third party to render a binding decision in a labor dispute
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| Perfect Competition |
The degree of competition in which there are many sellers in a market and none is large enough to dictate the price of a product
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| Monopolistic Competition |
The degree of competition in which a large number of sellers produce very similar products that buyers nevertheless perceive as different
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| Oligopoly |
A degree of competition in which just a few sellers dominate the market
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| Monopoly |
A degree of competition in which only one seller controls the total supply of a product or service, and sets the price.
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| Sustainability |
Meeting the needs of the present without compromising the ability of future generations to meet their own needs
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| Taxation |
the practice of a government collecting money from its citizens to pay for public services. Without taxation, there would be no public libraries or parks
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