Term
|
Definition
| The study of how individuals and nations make choices about ways to use scarce resources to fulfill there needs and wants. |
|
|
Term
|
Definition
| Requirements for survival, such as food clothing and shelter. |
|
|
Term
|
Definition
| things we would like to have, such as entertainment, vacations,and items that make life comfortable and enjoyable |
|
|
Term
|
Definition
| not having enough resources to produce all of the things we would like to have. |
|
|
Term
|
Definition
| simplified representation of the real world that economists develop to describe how the economy behaves and is expected to perform in the future. |
|
|
Term
|
Definition
| the alternative you face if you decide to do one thing rather than another. |
|
|
Term
|
Definition
| the cost of the next best use of time and money when choosing to do one thing or another. |
|
|
Term
|
Definition
| the additional extra opportunity cost associated with an action |
|
|
Term
|
Definition
| the additional or extra benefit associated with an action |
|
|
Term
|
Definition
| economic model that compares the marginal cost and marginal benefit of a decision |
|
|
Term
|
Definition
| system in which individuals own the factors of production and make economic decisions through free interaction |
|
|
Term
|
Definition
| A system in which private citizens own most,if not all, of the means of production and decide how to use them within legistlated limits. |
|
|
Term
|
Definition
| economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference |
|
|
Term
|
Definition
| reward offered to try to persuade people to take certain economic actions |
|
|
Term
|
Definition
| choosing the alternative that has the greatest value from among comparable-quality products |
|
|
Term
|
Definition
| when people, businesses,regions,and/or nations concentrate on goods and services that they can produce better then anyone. |
|
|
Term
|
Definition
| the breaking down of a job into separate, smaller tasks to be performed individually. |
|
|
Term
|
Definition
| A reliance on others as they rely on you, to provide goods and services to be consumed. |
|
|
Term
Chapter 18-3
Consumer sovereignty |
|
Definition
| the role of consumer as the ruler of the market, determining what products will be produced. |
|
|
Term
|
Definition
| the freedom to own and use our own property as we choose as long as we don't interfere with the rights of others. |
|
|
Term
|
Definition
| the struggle that goes on between buyers and sellers to get products at the lowest price. |
|
|
Term
|
Definition
| the money a business recieves for its products or services over above its costs |
|
|
Term
|
Definition
| the driving force that encourages individuals and organizations to improve their materials well-being. |
|
|
Term
|
Definition
| the act of buyers and sellers freely and willingly engaging in market transactions. |
|
|
Term
|
Definition
| Tangible products the we use to satisfy the wants and needs. |
|
|
Term
|
Definition
| work performed by a person for someone else. |
|
|
Term
|
Definition
| sources necessary to produce goods and services. |
|
|
Term
|
Definition
| gifts of nature that make production possible. |
|
|
Term
|
Definition
| human effort directed toward producing goods and services. |
|
|
Term
|
Definition
| Previously manufactured goods used to make other goods and services. |
|
|
Term
|
Definition
| Previously manufactured goods used to make other goods and services. |
|
|
Term
|
Definition
| individuals who start new businesses, introduce new products, and improve management techniques. |
|
|
Term
|
Definition
| total dollar value of final goods and services during a single year. |
|
|
Term
|
Definition
| the material well-being of an individual, group, or nation measured by how well their necessities and luxuries are satisfied |
|
|
Term
chapter 19-2
Factor market |
|
Definition
| A market where productive resources are bought and sold |
|
|
Term
|
Definition
| A market where producers offer goods and services for sale |
|
|
Term
|
Definition
| the degree to which resources are being used efficiently to produce goods and services |
|
|
Term
|
Definition
| the desire,willingness, and ability, to buy a good or service |
|
|
Term
|
Definition
| table showing quanitities demanded at different possible prices. |
|
|
Term
|
Definition
| downward-sloping line that graphically shows the quanitities demanded at each possible price. |
|
|
Term
|
Definition
| the concept that people are normally willing to buy less of a product if the price is high and more of it if the price is low. |
|
|
Term
|
Definition
| the total demand of all consumers for a product or service. |
|
|
Term
|
Definition
| the amount of satisfaction one gets from a good or service. |
|
|
Term
| diminishing marginal utility |
|
Definition
| decreasing satisfaction or usefulness as additonal units ofd a product are acquired. |
|
|
Term
|
Definition
| a competing product that consumers can use in place of another. |
|
|
Term
|
Definition
| product often used with another product. |
|
|
Term
|
Definition
| measure of responsiveness relating change in quanitity demanded to a change in price. |
|
|
Term
|
Definition
| the amount of goods and services that producers are able an willing to sell at various prices during a specified time period. |
|
|
Term
|
Definition
| suppliers will normally offer more for sale at higher prices and less at lower prices. |
|
|
Term
|
Definition
| table showing quanitities supplied to a change in price. |
|
|
Term
|
Definition
| upward-sloping line that graphically shows the quantities supplied at each price. |
|
|
Term
|
Definition
| refers to the methods or processes used to make goods or services |
|
|
Term
|
Definition
| a government payment to an individual, business, or other group for certain actions. |
|
|
Term
|
Definition
| is a measure of how quantity supplied of a good or service changes in response to change in price. |
|
|
Term
|
Definition
| the amount by which the quantity supplied is higher than the quantity demanded. |
|
|
Term
|
Definition
| the amount by which the quantity demanded is higher than the quantity supplied. |
|
|
Term
|
Definition
| the price at which the amount producers are willing to supply is equal to the amount consumers are willing to buy. |
|
|
Term
Chapter 22
sole proprietorship |
|
Definition
| a business owned and operated by a single person. |
|
|
Term
|
Definition
| when a business owner is personally and fully responsible for all loses and debts of the business. |
|
|
Term
|
Definition
| the money needed to run a business or enable it to grow larger. |
|
|
Term
|
Definition
| formal legal papers specifying the arrangement between partners. |
|
|
Term
|
Definition
| a business owned by two or more people |
|
|
Term
|
Definition
| A business recognized by law that has many of the rights and responsibilities of an individual. |
|
|
Term
|
Definition
| a government document granting permission to organize. |
|
|
Term
|
Definition
| ownership shares of the corporation that will be issued. |
|
|
Term
|
Definition
| An individual who has invested in a corporation and owns some of its stocks. |
|
|
Term
|
Definition
| people elected by shareholders of a corporation to act on their behalf |
|
|
Term
|
Definition
| when a business owner's responsebility for a companys debts is limited |
|
|
Term
|
Definition
| paying taxes twice on corporate profits |
|
|
Term
|
Definition
| A voluntary association of people formed to carry on some kind of economic activity that serves to benefit it's members. |
|
|
Term
|
Definition
| groups of workers who band together to have s better chance to obtain higher pay and better working conditions. |
|
|
Term
|
Definition
| company that reguires new employees to join a union after a specific period of time. |
|
|
Term
|
Definition
| state laws forbidding unions for forcing workers to join. |
|
|
Term
|
Definition
| an arrangement in which workers have the option to join a union after hired. |
|
|
Term
|
Definition
| The price at which the amount producers are-willing to supply is equal to the amount consumers are willing to buy. |
|
|
Term
| what are the four roles of the government in the economy |
|
Definition
| Natural resources, labor, capital, enterpernures |
|
|
Term
|
Definition
| goods that when consumed by one individual can not be consumed by another |
|
|
Term
|
Definition
| Economic goods that are consumed collectively such as highways and national defense |
|
|
Term
|
Definition
| legislation to prevent new monopolies from forming and police those that already exist. |
|
|
Term
|
Definition
|
|
Term
|
Definition
| the unintended side effect of an action that effects someone not involved in the action. |
|
|
Term
|
Definition
| GDP after adjustment for inflation |
|
|
Term
|
Definition
| alternating periods of growth and decline that the economy goes through. |
|
|
Term
|
Definition
| period of prosperity in a business cycle in which the nations output does not grow for at least six mouth |
|
|
Term
|
Definition
| part of the business cycle in which the nations output does not grow for at least sic months |
|
|
Term
|
Definition
| all civilians 16 years old or older who are either working or are looking for work. |
|
|
Term
|
Definition
| the percentage of people in the civilian labor force who are not working but are looking for jobs. |
|
|
Term
|
Definition
| the Federal governments us and taxation of spending and taxation policies to affect overall business activity. |
|
|
Term
|
Definition
| sustained increase in the general level of prices. |
|
|
Term
|
Definition
| measure of the change in price over time of a specific group of goods and services |
|
|
Term
|
Definition
| are government coupons that can be used to purchase food. |
|
|
Term
| women, infants and children program |
|
Definition
| A program that provides help for nutrition and health care to low-income women,infants and children up to age 5 |
|
|
Term
|
Definition
|
|
Term
|
Definition
| a tax that takes a larger percentage of higher incomes than lower incomes. |
|
|
Term
|
Definition
| a program that gives tax credits and even cash payments to qualified workers |
|
|
Term
|
Definition
| metallic form of money such as pennies, nickels and dimes. |
|
|
Term
|
Definition
| both coins and paper money |
|
|
Term
|
Definition
| A financial institution that offers full banking services to individuals and businesses |
|
|
Term
| saving and loan associations |
|
Definition
| financial institutions that traditionally loaned money to people buying homes |
|
|
Term
|
Definition
| nonprofit service cooperative that accepts deposits makes loans and provides other financial services. |
|
|
Term
| federal deposit insurance corporation |
|
Definition
| federal agency that insures individual accounts in financial institutions for up to $100,000. |
|
|
Term
|
Definition
| An institution that lends money to other banks, also the place where the government does it's banking business. |
|
|
Term
| Federal open market committee |
|
Definition
| The most powerful committee of the fed, because it makes the decisions that affect the economy as a whole by manipulating the money supply. |
|
|
Term
|
Definition
| the interest rate the Fed charges on its loans. |
|
|
Term
|
Definition
| a policy that involves changing the rate of growth of the money supply in circulation in order to affect the cost and availability of credit. |
|
|
Term
|
Definition
| a certain percentage of deposits that banks have to set aside as cash in their federal reserve district bank. |
|
|
Term
|
Definition
| purchase or sale of u.s government bands and treasury bills. |
|
|
Term
|
Definition
| an account in which deposited money can be with drawn at any time by writing a check. |
|
|
Term
|
Definition
| an account in which customers receive interest based on how much money they have deposited. |
|
|
Term
|
Definition
| timed deposit that states the account of the deposit maturity and rate of interest being paid. |
|
|
Term
|
Definition
| the second largest source of federal income. |
|
|
Term
|
Definition
| A government program that provides money to people who are retired or disabled. |
|
|
Term
|
Definition
| pays some health care costs of elderly people. |
|
|
Term
|
Definition
| funds one level of government receives form another level of government. |
|
|
Term
|
Definition
| tax leveled on a product at time of sale |
|
|
Term
|
Definition
| a program using eligibility requirements to provide health, nutrition, or income supplements to individuals. |
|
|
Term
|
Definition
| annual report filed with local, state or federal government detailing income earned and taxes owed. |
|
|
Term
|
Definition
| A plan making and spending money |
|
|
Term
|
Definition
| 12 month planning period that may not coincide with the calender year. |
|
|
Term
|
Definition
| congressional document that shows total spending and revenues for a year and how much will be spent in various categories. |
|
|
Term
|
Definition
| congressional document that shows total spending and revenues for a year and how much will be spent in various categories. |
|
|
Term
|
Definition
| federal spending required by law continues without the need for annual approvals by congress. |
|
|
Term
|
Definition
| spending for federal programs that must receive annual approval. |
|
|
Term
|
Definition
| legislation earmarking funds for certain purposes. |
|
|
Term
|
Definition
| to sell goods to other countries or a good produced in one country, then sold to another. |
|
|
Term
|
Definition
| a good purchased from one country by another. |
|
|
Term
|
Definition
| the ability of a country to produce a good at a lower opportunity cost. |
|
|
Term
|
Definition
| a customs duty a tax on an imported goods. |
|
|
Term
|
Definition
| A limit on the amount of foreign goods .imported into a country. |
|
|
Term
|
Definition
| policy of reduced trade barriers. |
|
|
Term
|
Definition
| organization of European nations whose goal is to encourage economic integration into a single market in Europe. |
|
|
Term
| North American free trade |
|
Definition
| Trade agreement designed to reduce tariff barrier between Mexico, Canada and the United states. |
|
|
Term
|
Definition
| the price of one nations currency in terms of another nations currency. |
|
|
Term
|
Definition
| the difference between the value of a nation's exports and it's imports |
|
|
Term
|
Definition
| situation in which the value of the products imports. |
|
|
Term
|
Definition
| situation in which the value of the products exported by a country exceeds the value of its imports |
|
|
Term
|
Definition
| system in which individuals own the factors of production and make economic decisions through free interaction. |
|
|
Term
|
Definition
| Gross domestic product per person |
|
|
Term
|
Definition
| Economic system in which government owns some factors of production and distributes the products and wages |
|
|
Term
|
Definition
| economic system in which the central government directs all major economic decisions |
|
|
Term
|
Definition
| system combining characteristics of more than one type of economy. |
|
|
Term
|
Definition
| a country whose average per ca pita income is only a fraction of that in more industrialized countries. |
|
|
Term
|
Definition
| an economic system in which the decisions of what, how and for whom to produce are based on custom or habit. |
|
|
Term
|
Definition
| means that people and nations all over the world now depends upon one another for manyh goods and services. |
|
|
Term
|
Definition
| policy of trade restrictions to protect domestic industries. |
|
|
Term
|
Definition
| countries like chad,Albania.Paraguay,and Uganda they are very poor they don't have any natural resources to feed themselves |
|
|
Term
| International monetary Fund |
|
Definition
| The IMF offers advice and financial assistance on monetary and fiscal policy. |
|
|
Term
|
Definition
| The second international bank for Reconstruction and development. it gives loans |
|
|
Term
|
Definition
| or individuals and nations working internationally across barriers of distance, culture and technology. |
|
|
Term
|
Definition
| Something that measures such as withholding economic aid used to influence a foreign governments actions. |
|
|
