English Vocab Ch 1

Front 1

something added to something else as helpful or useful but not seential; an assistant or helper; a valuable quality or characteristic

Back 1

adjunct

Front 2

the male sheep that leads the flock to the slaughterhouse a leader, as in a desperate or violent undertaking; an indicator of trends

Back 2

bellwether

Front 3

to howl or screech like a cat; to quarrel; a harsh or noisy cry; a racket

Back 3

caterwaul

Front 4

absurd wildly fantastic; impossible

Back 4

chimerical

Front 5

lacking in wholesome vigor or energy; worn-out or exhausterd; sterile or unable to produce; out-of-date

Back 5

effete

Front 6

an accomplished and presumably irreversible deed, fact, or action

Back 6

fait accompli

Front 7

narrow-minded and rigid, especially in opinions prejudices; stubbornly and unthinkingly conservative

Back 7

hidebound

Front 8

any system of things or people arranged or graded one above another in order of rank, wealkth, class etc.

Back 8

hierarchy

Front 9

a religious service or rite; the form of a ritual or other act of public worship

Back 9

liturgy

Front 10

something illusory, without substance, or without a basis in reality; an illusion

Back 10

mirage

Front 11

a patch of low, soft, wet ground; a swamp; a confusing situation in which one is entrapped, as in quicksand

Back 11

morass

Front 12

offensive or disgusting; foul-smelling, harmful or injurious

Back 12

noisome

Front 13

forgetful; unaware

Back 13

oblivious

Front 14

a base coward

Back 14

poltroon

Front 15

a convert; a disciple

Back 15

poselyte

Front 16

resembling but not actually being; seemingly but not actually or completely

Back 16

quasi

Front 17

good-humored ridicule; teasing

Back 17

raillery

Front 18

irreverently mocking coarse, vulgar, or indecent in language

Back 18

ribald

Front 19

lying flat on one's back; listless or lethargic; apathetic or passive

Back 19

supine

Front 20

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

Back 20

vignette

Front 21

condition that results from society not having enough resources to produce all the things people would like to have

Back 21

scarcity

Front 22

study of how people try to satisfy what appears to be seemingly unlimited and competing wants through the careful use of relatively scarce resources.

Back 22

economics

Front 23

resources required to produce the things we would like to have

Back 23

factors of production

Front 24

natural resources not created by humans

Back 24

land

Front 25

the tools, equipment, machinery, and factories used in the production of goods and services

Back 25

capital

Front 26

the money used to buy the tools and equipment used in production

Back 26

financial capital

Front 27

people with all their efforts, abilities, and skills

Back 27

labor

Front 28

risk taker in search of profits who does something new with existing resources

Back 28

entrepreneur

Front 29

the process of creating goods or services

Back 29

production

Front 30

dollar value of all final goods and services

Back 30

Gross Domestic Product (GDP)

Front 31

goods and services that are useful relatively scarce and transferable to others

Back 31

economic products

Front 32

an item that is economically useful or satisfies an economic want

Back 32

goods

Front 33

intended for final use by individuals

Back 33

consumer good

Front 34

when manufactured goods are used to produce other goods and services

Back 34

capital goods

Front 35

work that is performed for someone

Back 35

services

Front 36

a location or other mechanism that allows buyers and sellers to exchange a certain economic product

Back 36

market

Front 37

markets where productive resources are bought and sold

Back 37

factor markets

Front 38

markets where producers sell their goods and services to consumers.

Back 38

product market

Front 39

occurs when a nation's total output of goods and services increases over time

Back 39

economic growth

Front 40

a measure of the amount of output produced by a given amount of inputs in a specific period of time

Back 40

productivity

Front 41

when work is arranged so that individual workers do fewer tasks than before

Back 41

division of labor

Front 42

when factors of production perform tasks that they can do relatively more efficiently than others

Back 42

specialization

Front 43

sum of the skills, abilities, health, and motivation of people

Back 43

human capital

Front 44

we rely on others and others rely on us to provide the goods and services we consume

Back 44

economic independence

Front 45

alternative choices

Back 45

trade-offs

Front 46

the cost of the next best alternative use of money, time, or other resiources when one choice is made not another.

Back 46

opportunity cost

Front 47

a diagram representing various combinations of goods and/or services an economy can produce when all productive resources are fully employed

Back 47

production possibilities frontier

Front 48

one in which consumers and privately owned businesss rather than government make the majority of decisions

Back 48

free enterprise economy