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48 Cards in this Set

  • Front
  • Back
something added to something else as helpful or useful but not seential; an assistant or helper; a valuable quality or characteristic
adjunct
the male sheep that leads the flock to the slaughterhouse a leader, as in a desperate or violent undertaking; an indicator of trends
bellwether
to howl or screech like a cat; to quarrel; a harsh or noisy cry; a racket
caterwaul
absurd wildly fantastic; impossible
chimerical
lacking in wholesome vigor or energy; worn-out or exhausterd; sterile or unable to produce; out-of-date
effete
an accomplished and presumably irreversible deed, fact, or action
fait accompli
narrow-minded and rigid, especially in opinions prejudices; stubbornly and unthinkingly conservative
hidebound
any system of things or people arranged or graded one above another in order of rank, wealkth, class etc.
hierarchy
a religious service or rite; the form of a ritual or other act of public worship
liturgy
something illusory, without substance, or without a basis in reality; an illusion
mirage
a patch of low, soft, wet ground; a swamp; a confusing situation in which one is entrapped, as in quicksand
morass
offensive or disgusting; foul-smelling, harmful or injurious
noisome
forgetful; unaware
oblivious
a base coward
poltroon
a convert; a disciple
poselyte
resembling but not actually being; seemingly but not actually or completely
quasi
good-humored ridicule; teasing
raillery
irreverently mocking coarse, vulgar, or indecent in language
ribald
lying flat on one's back; listless or lethargic; apathetic or passive
supine
a short description or sketch; a picture or illustration with edges that gradually shade off; a decorative design on the title page of a book or at the beginning or end of a chapter
vignette
condition that results from society not having enough resources to produce all the things people would like to have
scarcity
study of how people try to satisfy what appears to be seemingly unlimited and competing wants through the careful use of relatively scarce resources.
economics
resources required to produce the things we would like to have
factors of production
natural resources not created by humans
land
the tools, equipment, machinery, and factories used in the production of goods and services
capital
the money used to buy the tools and equipment used in production
financial capital
people with all their efforts, abilities, and skills
labor
risk taker in search of profits who does something new with existing resources
entrepreneur
the process of creating goods or services
production
dollar value of all final goods and services
Gross Domestic Product (GDP)
goods and services that are useful relatively scarce and transferable to others
economic products
an item that is economically useful or satisfies an economic want
goods
intended for final use by individuals
consumer good
when manufactured goods are used to produce other goods and services
capital goods
work that is performed for someone
services
a location or other mechanism that allows buyers and sellers to exchange a certain economic product
market
markets where productive resources are bought and sold
factor markets
markets where producers sell their goods and services to consumers.
product market
occurs when a nation's total output of goods and services increases over time
economic growth
a measure of the amount of output produced by a given amount of inputs in a specific period of time
productivity
when work is arranged so that individual workers do fewer tasks than before
division of labor
when factors of production perform tasks that they can do relatively more efficiently than others
specialization
sum of the skills, abilities, health, and motivation of people
human capital
we rely on others and others rely on us to provide the goods and services we consume
economic independence
alternative choices
trade-offs
the cost of the next best alternative use of money, time, or other resiources when one choice is made not another.
opportunity cost
a diagram representing various combinations of goods and/or services an economy can produce when all productive resources are fully employed
production possibilities frontier
one in which consumers and privately owned businesss rather than government make the majority of decisions
free enterprise economy