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180 Cards in this Set
- Front
- Back
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entrpeneur
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someone who undertakes business
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natural resource
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materials that come fromt he earth
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labor
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works who make goods and provide services
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captial
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$$$
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capital goods
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tools needed to make products and provide services
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human capital
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workers/ labor
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specialization/ divison of labor
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when one person performs the same job over and over again to help assemble a product (production lines)
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mixed economy
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state and local governments own parts of the economy
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traditional economy
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when people produce or grow all that they need
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command economy
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when the government owns the means of production
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market economies
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individuals decide what to produce
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stock market
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where stocks are bought and sold
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sole proprietorship
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owned by one person
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patnership
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owned by 2 or more people
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corporation
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business that is liscened by the government
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capitalism
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an economic system in which individuals put their money into business in hopes of making a profit
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free enterprise
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an economic system in which individuals are free to own business, and competiton determines prices
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interest
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a fee paid for the use of money
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stock
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a share of ownership in a company
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bonds
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a note from the government or a corportation promising to repay money with interest by a certain date
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credit
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recieveing money either directly or indirectly to buy goods and services today with the promise of pay for the future
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business cycle
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systematic changes in the level of total output
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recession
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a period of negative economic growth
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GDP
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dollar value of all goods and services produced during a year
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index of leading indicators
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measures 10 economic factos such as maufacturer's new orders and changes in the prices of materials
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proprietary colony
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granted to individuals from the king
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proclamation of 1763
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stopped settlers from expanding to indian land
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mercantilism
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an economic paln when the merchant produces something and sells it for more wealth
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navigation acts
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required that british were the only people able to ship things over seas
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Mayflower Compact
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agreed to form a body of government that followed the majority
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great awakening
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revival of religious enthusiaism in all of the Americas
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Stamp act
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act that put a tax on all written objects
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townshend act
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put a tax on tea, cloth, and other imported things from england
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boston massacre
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the killing of 5 colonists by english soldiers because of the tea tax
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tea act of 1773
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placed more taxes
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coersive acts
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closed the town of boston after the boston tea party
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common sense
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a book about how the colonists needed to stand up for liberty
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mayor
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chief executive of a city government
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wards
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a voting district within a city
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members-at-large
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a representative of a city council who is elected by the entire city
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economics
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the study of unlimited wants and needs by consumers and the scarcity of products and resources
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goods
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material items that help to satisfy a person's needs and wants
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services
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the things people do in exchange for money and such
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scarcity
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limited suppy or resources
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law of demand
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there is an inverse relationship between the price of a product and its demand
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law of supply
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there is a direct relationship between the price of a product and its demand
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elements of production
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capital, land, labor, managment
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economics of scale
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larger and larger companies are able to produce and sale good more cheaply
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gross income
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the total amount of money a business makes
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profit
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the money that remains after all the bills and expenses have been paid
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profit motive
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the reason anyone goes into business
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wholesaler
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a business that buys goods from a manufacturer and then sells those goods to reatilers
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retailers
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sell directly to the public
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competition
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helps to determine prices
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common stock
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a share of a corporation that pays its owner a dividend if the corporation makes a profit
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dividend
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a share of the profit paid to the stockholders of a corporation
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fiscal policy
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the way the government taxes citizens and spends money
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monetary policy
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the way the government regulates the amount of money in circulation
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federal reserve
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a bank for banks that helps regulate the country's economy
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inflation
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a general rise in the prices of goods and services
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laissez-faire
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an economic approach in the 1600s to 1930s in which the government doesn't interfer with business
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monopoly
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one company has the control of the total supply of goods/ services
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merger
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a joining of 2 or more companies to forma larger one
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trust
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several separate companies that are run by one board of directors
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1890 Sherman Antitrust Act
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outlawed monopolies and trusts
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1914 Clayton Antitrust Act
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made specific business activities illegal
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conglomerate
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a company formed by a merger of companies that supply a variety of different goods and services
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deregulation
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the removal of government regulations or control
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labor unions
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an organization of workers that tries to improve the working conditions and wages of its members
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collective bargining
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negotiations between business owners and labor unions about conditions and terms of employment
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black list
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list of all the striking workers
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National Labor Relations Act 1935
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guaranteed the right of all workers to join a union
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National Labor Relations board
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judges the fairness of actions by employers and unions
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Taft-Hartley Act 1947
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banned closed shops and featherbedding
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closed shops
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a factory or business in which workers cannot be hired unless they are union members
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featherbedding
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union practice that forces a company to hire more workers than necessay
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agency shop
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a business where workers may not be forced to join a union, but they still have to pay union dues
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mediation
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a way of settling disputes in which a third party listens to both sides and suggests a solution
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arbitration
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settling a dispute by agreeing to accept a 3rd party's decision
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credit union
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a bank owned by its own members
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collateral
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property used as a guarantee that a loan will be repaid
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fixed expenses
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expenses that are the same from month to month
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flexible expenses
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expenses that vary from month to month
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impulse buying
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consumers may buy items they really do not need
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prinicpal
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the orginial amount of money that was borrowed and on which interest is paid
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premium
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a payment made to an insurance company for coverage
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caveat emptor
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let the buyer beware
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progessive tax
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a tax in which people who earn more money pay more taxes
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regressive tax
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a tax in which all people pay the same amount
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exemption
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the amount of money subtracted from income for each person before determining taxes
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deduction
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money for items such as medical expenses that are subtracted from income
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taxable income
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the amount of money that remains after subtracting a taxpayer's exemptions and deductions
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real property
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land and buildings
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personal property
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cars, jewelry, etc
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budget
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a plan for managing and spending money
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deficit
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an excess of government expensesover government revenues
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national debt
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the total amount the government owes on money it has borrowed
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balanced budget
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a budget in which expenditures do not exceed revenues
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individual rationality
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people respond to incentives
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opportunity cost
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the value of the next best opportunity forgone
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voluntary trade
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2 people who agree to trade both benefit
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prices
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transmitters of information about products
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perverse incentives
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sometimes incentives don't recieve disired results
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demand
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how much is desired of a given item at what ever price is offered
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quanity demanded
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at any given price, the amount demanded
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complementary goods
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goods that go with each other
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subsitute goods
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same goods with different brand names
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elasiticity
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how sensitive the price is to demand
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supply
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the amount of goods available
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supply- demand equilibrium
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the point at which supply and demand meet
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price ceiling
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minimum a price can be
ends in a shortage |
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price floor
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maximum a price can be
ends in surplus |
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absolute advantage
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when someone has the ability to always do better than someone else in doing something
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comparative advantage
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when the person is paid to do something even if they don't have the absolute advantage
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fixed cost
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price doesn't change no matter what
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variable cost
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price changes based on different factors
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diminishing marginal returns
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when even if you are putting in more input, you don't get a lot of output
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full employment
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when most people looking for work are able to find a job
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civic duty
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a mandatory duty a citizen must perform
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civic responsiblity
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a suggested duty a citizen should perform
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magna carta
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began giving people rights
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tradeoffs
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when you choose to do one thing over something else
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microeconomics
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studies how individuals, households and firms and some states make decisions to allocate limited resources
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macroeconomics
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deals with the performance, structure, and behavior of a national or regional economy as a whole.
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elasticity of supply
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a numerical measure of the responsiveness of the quantity supplied of product (A) to a change in price of product (A) alone. It is the measure of the way quantity supplied reacts to a change in price
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economics of scale
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cost advantages that a business obtains due to expansion
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negative externality
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when an individual or firm making a decision does not have to pay the full cost of the decision. If a good has a negative externality, then the cost to society is greater than the cost consumer is paying for it
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positive externality
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when an individual or firm making a decision does not receive the full benefit of the decision. The benefit to the individual or firm is less than the benefit to society
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pure competition
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A market characterized by a large number of independent sellers of standardized products, free flow of information, and free entry and exit. Each seller is a "price taker" rather than a "price maker".
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oligopoly
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a market form in which a market or industry is dominated by a small number of sellers
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cartel
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a counterfeit agreement among industries
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cycle of economy
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Predictable long-term pattern changes in national income.
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expansion
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relatively rapid economic growth
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peak
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top most point in economic growth
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contraction
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relative stagnation or decline in growth
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trough
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lowest point of economic growth
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limited liability for coporations
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mix between a partnership and a corporation
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automation
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he use of control systems in concert with other applications of information technology to control industrial machinery and processes, reducing the need for human intervention
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productivity
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how much a company makes
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free trade
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a type of trade policy that allows traders to act and transact without interference from government
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protective tariff
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intended to artificially inflate prices of imports and protect domestic industries from foreign competition especially from competitors whose host nations allow them to operate under conditions that are illegal in the protected nation
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mixed capitalism
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the state intervenes in market activity and provides many services
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consumer price index
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a measure of the average price of consumer goods and services purchased by households
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monetarism
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variation in the money supply has major influences on national output in the short run and the price level over longer periods and that objectives of monetary policy are best met by targeting the growth rate of the money supply.
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keynesian
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government needs to stabilize output over the business cycle
tax more in good times spend more in bad times |
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supply-side
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tax cuts
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excise tax
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a sales tax on a specific item
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luxary tax
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tax on goods that aren't essencial
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estate tax
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a tax imposed on the transfer of the "taxable estate" of a deceased person
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house of burgesses
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the first elected lower house in the legislative assembly in the New World established in the Colony of Virginia in 1619
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salutary neglect
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an undocumented, though long standing, British policy of avoiding strict enforcement of parliamentary laws
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middle passage
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the slave journey to the Americas,
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enlightment
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a time in europe when people were surrounded by the clarity of science
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the french and indian war
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British and American soldiers fought French and Native American soldiers for control of North America
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sons of liberty
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secret organization of American patriots which originated in the Thirteen Colonies during the American Revolution
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declaratory acts
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asserted that Parliament “had, hath, and of right ought to have, full power and authority to make laws and statutes of sufficient force and validity to bind the colonies and people of America, subjects of the Crown of Great Britain, in all cases whatsoever.”
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committees of correspondence
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bodies organized by the local governments of the Thirteen Colonies before the American Revolution for the purposes of coordinating written communication outside of the colony.
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King George III
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king at the time of the revolution
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Lexington and Concord
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when the revolution began
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yorktown
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when the revolution ended
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thomas paine
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wrote common sense
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valley forge
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camp of american colonist troops during the revolution
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import
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any good (e.g. a commodity) or service brought into one country from another country in a legitimate fashion
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export
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To ship a product outside a country or region
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patent
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a form stating the ownership to one person of an idea
copy right |
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collective bargining
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the method whereby workers organize together (usually in unions) to meet, converse, and negotiate upon the work assigned them
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franchise
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an authorization to sell a company's goods or services in a particular place
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economic interdependence
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Refers to the fact that, in the division of labour , individuals depend on others to produce all or most of the goods
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karl marx
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for communism
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adam smith
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influenced classical economics
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JM Keynes
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developed keynesism
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discount rate
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annual interest divided by the capital including that interest
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underground economy
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a market where all commerce is conducted without regard to taxation, law or regulations of trade
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cyclincal unemployment
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unemployment that rises during economic downturns and falls when the economy improves
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seasonial unemployment
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the number of job-seekers exceeds the number of vacancies
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structural unemployment
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a mismatch between the sufficiently skilled workers looking for jobs and the vacancies available
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frictional unemployment
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involves people in the midst of transiting between jobs, searching for new ones
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Leandro v. NC
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school districts don't have the right to equal funding
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NC v. Mann
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slave owners have the authority over their slaves and could not be found guilty of violence against them
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hidden unemployment
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unemployment of potential workers that is not reflected in official unemployment statistics, due to the way the statistics are collected
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