Term Sheet 2
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| Economic System | the way a society uses resources to satisfy its people's wants
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| Standard of Living | Refers to quality and quantity of goods and services available to people in a country, culture, or society (quality of life). We measure this by observing how well the economy is working
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| Innovation | market application of a new invention, or a market application of existing inventions through the creation of new processes.
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| Traditional Ecomomy | an economic system in which people produce and distribute goods according to customs handed down from generation to generation.
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| Market | Any place or situation where buyers and sellers interact to exchange goods and services.
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| Free Market Economy | An economic system in which individuals decide for themselves what to produce and sell, without any intervention of the government
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| Factor Market | a market where businesses purchase the items needed to produce goods or services.
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| Product Market | Where households purchase goods for personal use from firms. Brings together buyers and sellers of goods and services.
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| Adam Smith | was a Scottish philosopher, widely considered as the first modern economist. Smith defined economics as “an inquiry into the nature and causes of the wealth of nations.”
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| Competition | the actions of individuals and firms striving for a greater market share to sell or buy goods and services.
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| Consumer Sovereignty | the situation in an economy where the desires and needs of consumers control the output of producers.
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| centrally planned economy | an economic system in which the government makes all decisions on the three key economic questions
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| command economy | very similar to centrally planned economy with even more control by the government.
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| Socialism | A system in which society, usually in the form of the government , owns and controls the means of production.
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| Communism | a political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.
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| Laissez Faire | abstention by governments from interfering in the workings of the free market.
"laissez-faire capitalism"
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| Intellectual Property | a work or invention that is the result of creativity, such as a manuscript or a design, to which one has rights and for which one may apply for a patent, copyright, trademark, etc.
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| Mixed Economy | an economic system combining private and public enterprise.
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| Profit Motive | the motivation of firms that operate so as to maximize their profits.
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| Voluntary Exchange | the act of buyers and sellers freely and willingly engaging in market transactions.
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| Interest Group | An organization of people who share common political interests and aim to influence public policy by electioneering and lobbying
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| Patriotism | the quality of being patriotic; devotion to and vigorous support for one's country.
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| Eminent Domain | the right of a government or its agent to expropriate private property for public use, with payment of compensation.
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| Public Interest | a decision is made that benefits the collective and not the individual.
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| Public Disclosure Laws | any non-confidential communication which an inventor or invention owner makes available to one or more members of the public, revealing the existence of the invention and enabling an appropriately experienced individual to reproduce the invention.
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| Macroeconomics | he part of economics concerned with large-scale or general economic factors, such as interest rates and national productivity.
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| Microeconomics | he study of the behaviour (supply and demand) of individual markets. Scarcity. A situation in which unlimited wants exceed the limited resources available to fulfill those wants. Factors of production.
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| Gross Domestic Product | the dollar value of all final goods and services produced within a country's border in a given year
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| Business Cycle | a cycle or series of cycles of economic expansion and contraction
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| Patent | the granting of a property right by a sovereign authority to an inventor.
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| Copyright | An exclusive right granted by the federal government allowing the owner to reproduce and sell an artistic or published work.
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| Infrastructure | internal facilities of a country that make business activity possible, such as communication, transportation and distribution networks, financial institutions and markets, and energy supply systems
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| Market Failure | the economic situation defined by an inefficient distribution of goods and services in the free market.
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| Externality | a cost or benefit that arises from production that falls on someone other than the producer or a cost or benefit that arises from consumption that falls on someone other than the consumer
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| Poverty Threshold | specified dollar amount considered to be the minimum level of resources necessary to meet the basic needs of a family unit1.
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| Welfare | financial support given to people in need.
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