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241 Cards in this Set
- Front
- Back
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Economics
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The study of how individuals and societies make choices about ways to use scarce resources to fulfill their wants.
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Scarcity
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Condition of not being able to have all of the goods and services on wants, because wants exceed what can be made from all available resources at any given time.
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Factors of Production
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Resources of land, labor, capital, and entrepreneurship used to produce goods and services.
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Land
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Natural resources and surface land and water.
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Labor
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Human effort directed toward producing goods and services.
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Goods
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tangible objects that can satisfy people's wants and needs.
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Services
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Action done for others for a fee.
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Capital
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Previously manufactured goods used to make other goods and services.
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Productivity
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The amount of output (goods and services) that results from a given level of inputs(land, labor, capital, entrepreneurship).
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Entrepreneurship
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Ability of risk-taking individuals to develop new products and start new businesses in order to make profits.
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Technology
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Advance in knowledge leading to new and improved goods and services and better ways of producing them.
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Trade-Off
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Sacraficing one good or service to purchase or produce another.
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Opportunity Cost
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Value of the next best alternative given up for the alternative that was chosen.
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Production Possibilities Curve
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Graph showing the maximum combinations of goods and services that can be produced from a fixed amount of resources in a given period of time.
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Microeconomics
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The branch of economic theory that deals with behavior and decision making by small units such as individuals and firms.
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Macroeconomics
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The branch of economic theory dealing with the economy as a whole and decision making by large units such as governments.
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Economy
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The production and distribution of goods and services in a society.
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Economic Model
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A theory or simplified representation that helps explain and predict economic behavior in the real world.
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Hypothesis
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Educated guess or prediction.
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Economic System
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Way in which a nation uses its resources to satisfy people's needs and wants.
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Traditional Economy
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System in which economic decisions are based on customs and beliefs that have been handed down from generation to generation.
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Command Economy
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System in which the government controls the factors of production and makes all decisions about their use.
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Market Economy
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System in which individuals own the factors of production and make economic decisions through free interaction while looking out for their own and their families' best interests.
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Market
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Freely chosen activity between buyers and sellers of goods and services.
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Circular Flow of Economic Activity
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Economic model that pictures income as flowing continously between businesses and consumers.
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Mixed Economy
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System combining characteristics of more than one type of economy.
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Capitalism
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Economic system in which private individuals own the factors of production. (another name for a market economy)
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Laissez-Faire
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Economic system in which the government minimizes its interference with the economy. It lets people "do as they choose".
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Free Enterprise System
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Economic system in which individuals own the factors of production and decide how to use them with legal limits. Same as capialism.
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Profit
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The money left after all the costs of production- wages, rents, interest, and taxes- have been paid.
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Profit Incentive
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Desire to make money that motivates peple to produce and sell goods and services.
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Private Property
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Whatever is owned by individuals rather than by the government.
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Competition
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The rivalry among producers or sellers of similar goods and services to win more business.
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Economic Efficiency
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Wise use of available resources so that costs do not exceed benefits.
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Economic Equity
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The attempt to balance an economic policy so that everyone benefits fairly.
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Standard of Living
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The material well-being of an individual, group, or nation measured by how well their necessities and luxeries are satisfied.
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Economic Growth
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Expansion of the economy to produce more goods, jobs, and wealth.
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Proletariat
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Term used by Karl Marx referring to workers.
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Communism
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Term used by Karl Marx for his ideal society in which no government is necessary.
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Democractic socialism
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System that works within the constitutional framework of a nation to elect socialists to office. The government usually controls only some areas of the economy.
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Authoritarian Socialism
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System that supports revolution as a means to overthrow capitalism and bring about socialist goals. The entire economy is controlled by a central government (also called communism today)
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Five-Year Plans
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Centralized planning system that was the basis for China's economic system; eventually was transformed to a regional planning system leading to limited free enterprise.
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World Trade Organization (WTO)
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World's largest trade agreement- currently includes 144 nations.
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Privatization
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The change from state ownership of business, land, and buildings to private ownership.
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Welfare State
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Country that has a blend of capitalism and socialism, combining private ownership of the means of production with the goal of social equality for its citizens.
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Consumer
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Any person or group that buys or uses goods and services to satisfy personal needs and wants.
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Disposable Income
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Income remaining for a person to spend or save after all taxes have been paid.
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Discretionary Income
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Money income a person has left to spend on extras after necessities have been bought.
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Rational Choice
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Choosing the alternative that has the greatest value from among comparable-quality products.
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Competitive Advertising
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Advertising that attempts to persuade consumers that a product is different from and superior to any other.
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Informative Advertising
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Advertising that benefits consumers by giving information about a product.
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Bait and Switch
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Ad that attracts consumers with a low-priced product, then tries to sell them a higher-priced product.
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Comparison Shopping
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Getting information on the types and prices of products available from different stores and companies.
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Warranty
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Promise made by a manufacturer or a seller to repair or replace a product within a certain time period if it is found to be faulty.
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Brand Name
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Word, picture, or logo on a product that helps consumers distinguish it from similar products.
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Generic Brand
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General name for a product rather than a specific brand name given by the manufacturer.
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Consumerism
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Movement to educate buyers about the purchases they make and to demand better and safer products from manufacturers.
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Ethical Behavior
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Acting in accordance with moral and ethical convictions about right and wrong.
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Credit
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Receipt of money either directly or indirectly to buy goods and services in the present with the promise to pay for them in the future.
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Principal
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Amount of money originally borrowed in a loan.
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Interest
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Amount of money the borrower must pay for the use of someone else's money.
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Installment Debt
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Type of loan repaid with equal payments over a specific period of time.
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Durable Goods
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Manufactured items that have a life span longer than three years.
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Mortgage
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Installment debt owed on houses, buildings, or land.
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Commercial Bank
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Bank whose main functions are to accept deposits, lend money, and transfer funds among banks, individuals, and businesses.
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Savings and Loan Association (S& L)
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Depository institution that accepts deposits and lends money.
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Savings Bank
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Depository institution originally set up to serve small savers overlooked by commercial banks.
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Credit Union
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Depository institution owned and operated by its members to provide saings accounts and low-interest loans only to its members.
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Finance Company
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Company that takes over contracts for installment debts from stores and adds a fee for collecting the debt
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Consumer Finance Company
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Company that makes loans directly to consumers at high rates of interest.
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Charge Account
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Credit extended to a consumer allowing the consumer to buy goods or services from a particular company and to pay for them later.
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Credit Limit
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The maximum amount of goods and services a person can buy on the promise to pay in the future.
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Credit Card
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Credit device that allows a person to make purchases at many places without paying cash.
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Finance Charge
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The cost of credit expressed monthly in dollars and cents.
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Annual Percentage Rate (APR)
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Cost of credit expressed as a yearly percentage.
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Credit Bureau
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Private business that investigates a person to determine the risk involved in lending money to that person.
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Credit Check
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Investigation of a person's income, current debts, personal life, and past history of borrowing and repaying debts.
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Credit Rating
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Rating of the risk involved in lending money to a specific person or business.
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Collateral
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Something of value that a borrower lets the lender claim if a loan is not repaid.
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Secured Loan
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Loan that is backed up by collateral.
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Unsecured Loan
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Loan guaranteed only by a promise to repay it.
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Usury Law
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Law restricting the amount of interest that can be charged for credit.
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Bankruptcy
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The inability to pay debts based on the income received.
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Club Warehouse Store
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Store that carries a limited number of brands and items in large quantities and is less expensive than supermarkets.
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Convenience Store
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Store open 16 to 24 hours a day, carrying a limited selection of relatively higher priced items.
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Private-Labeled Products
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Lower-priced store-brand products carried by some supermarket chains and club warehouse chains.
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Durability
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Ability of an item to last a long time.
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Service Flow
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The amount of use a person gets from an item over time and the value a person places on this use.
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Closing Costs
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Fees involved in arranging for a mortgage or in transferring ownership of property.
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Points
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Fees paid to a lender and computed as a percentage of a loan.
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Lease
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Long-term agreement describing the terms under which property is rented.
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Security Deposit
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Money a renter lets an owner hold in case the rent is not paid or an apartment is damaged.
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Registration Fee
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Licensing fee, usually annual, paid to a state for the right to use a car.
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Liability Insurance
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Insurance that pays for bodily injury and property damage.
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Saving
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Setting aside income for a period of time so it can be used later.
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Interest
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Payment people receive when they lend money or allow someone else to use their money.
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Passbook Savings Account
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Account for which a depositor receives a booklet in which deposits, withdrawls, and interest are recorded.
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Statement Savings Account
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Account similar to a passbook savings account except that the depositor receives a monthly statement showing all transactions.
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Money Market Deposit Account (MMDA)
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Account that pays relatively high interest, requires a minimum balance, and allows immediate access to money.
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Time deposits
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Savings plans that require savers to leave their money on deposit for certain periods of time.
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Maturity
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Period of time at the end of which time deposits will pay a stated rate of interest.
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Certificates of Deposit (CDs)
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Time deposits that state the amount of the deposit, maturity, and rate of interest being paid.
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Stockholders
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People who have invested in a corporation and own some of its stock.
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Dividends
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The money return a stockholder receives on the amount he or she originally invested in the company.
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Capital Gain
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Increase in value of an asset from the time it was bought to the time it was sold.
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Capital Loss
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Decrease in value of an asset or bond from the time it was bought to the time it was sold.
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Bond
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Certificate issued by a company or the government in exchange for borrowed money.
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Tax-Exempt Bonds
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Bonds sold by local and state governments; interest paid on the bond is not taxed by the federal government.
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Savings Bonds
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Bonds issued by the federal government as a way of borrowing money; they are puchased at half the face value and increase every 6 months until the full face value is reached.
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Treasury Bills
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Certificates issued by the U.S. Treasury in exchange for a minimum amount of $1,000 and maturing in 3 months to 1 year.
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Treasury Notes
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Certificates issued by the U.S. Treasury in exchange for minimum amounts of $1,000 and maturing in 1 to 10 years.
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Treasury Bonds
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Certificates issued by the U.S. Treasury in exchange for a minimum amount of $1,000 and maturing in 10 or more years.
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Broker
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Person who acts as a go-between for buyers and sellers of stocks and bonds.
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Over-the-Counter Market
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Electronic purchase and sale of stocks and bonds, often of smaller companies, which takes place outside the organized stock exchanges.
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Mutual Fund
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Investment company that pools the money of many individuals to buy stocks, bonds, or other investments.
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Money Market Fund
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Type of mutual fun that uses investors' money to make short-term loans to businesses and banks.
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Pension Plans
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Company plans that provided retirement income for their workers.
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Keogh Plan
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Retirement plan that allows self-employed individuals to save a maximum of 15% of their income up to a specified amount each year, and to deduct that amount from their yearly taxable income.
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Individual Retirement Plan (IRA)
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Private retirement plan that allows individuals or married couples to save a certain amount of untaxed earnings per year with the interest being tax-deferred.
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Roth IRA
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Private retirment plan that taxes income before it is saved, but which does not tax interest on that income when funds are used upon retirement.
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Diversification
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Spreading of investments among several different types of accounts to lower overall risk.
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Demand
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The amount of a good or service that consumers are able and willing to buy at various possible prices during a specified time period.
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Supply
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The amount of a good or service that producers are willing and able to sell at various prices during a specified time period.
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Voluntary Exchange
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A transaction in which a buyer and a seller exercise their economic freedom by working out their own terms of exchange.
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Law of Demand
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Economic rule stating that the quantity demanded and price move in opposite direction: As price goes up, the quantity demanded goes down. As price goes down, quantity demanded goes up.
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Quantity Demanded
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The amount of a good or service that a consumer is willing and able to purchase at a specific price.
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Real Income Effect
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Economic rule stating that individuals cannot keep buying the same quantity of a product if its price rises while their income stays the same.
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Substitution Effect
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Economic rule stating that if two items satisfy the same need and the price of one rises, people will buy the other.
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Utility
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The ability of any good or service to satisfy consumer wants.
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Marginal Utility
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An additional amount of satisfaction.
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Law of Diminishing Marginal Utility
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Rule stating that the additional satisfaction a consumer gets from purchasing one more unit of a product will lessen with each additional purchase.
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Demand Schedule
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Table showing quantities demanded at different possible prices.
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Demand Curve
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Downward-sloping line that shows in graph form the quantities demanded at each possible price.
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Complementary Good
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A product often used with another product.
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Elasticity
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Economic concept dealing with consumers' responsiveness to an increase or decrease in price of a product.
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Price Elasticity of Demand
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Economic concept that deals with how much demand varies according to changes in price.
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Elastic Demand
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Situation in which the rise or fall in a product's price greatly affects the amount that people are willing to buy.
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Inelastic Demand
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Situation in which a product's price charge has little impact on the quantity demanded by consumers.
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Law of Supply
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Economic rule stating that price and quantity supplied move in the same direction: As the price rises for a good, the quantity supplied generally rises. As the price falls, quantity supplied also falls.
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Quantity Supplied
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The amount of a good or service that a producer is willing and able to supply at a specific price.
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Supply Schedule
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Table showing quantities supplied at different possible prices.
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Supply Curve
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Upward-sloping line that shows in graph form the quantities supplied at each possible price.
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Law of Diminishing Returns
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Economic Rule that says as more units of a factor of production ( such as labor) are added to other factors of production (such as equipment), after some point total output continues to increase but at a diminishing rate.
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Equilibrium Price
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The price at which the amount of producers are willing to supply is equal to the amount consumers are willing to buy.
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Shortage
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Situation in which the quantity demanded is greater than the quantity supplied at the current price.
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Surplus
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Situation in which quantity supplied is greater than quantity demanded at the current price.
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Price Ceiling
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A legal maximum price that may be charged for a particular good or service.
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Rationing
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The distribution of goods and services based on something other than price.
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Black Market
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"Underground" or illegal market in which goods are traded at prices above their legal maximum prices or in which illegal goods are sold.
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Price Floor
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A legal minimum price below which a good or service may not be sold.
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Entrepreneur
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Person who organizes, manages, and assumes the risks of business in order to gain profits.
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Startup
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A beginning business enterprise
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Small Business Incubator
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Private or government-funded agency that assis new businesses by providing advice or low-rent buildings and supplies.
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Inventory
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Extra supply of the items used in a business, such as raw materials or goods for sale.
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Receipts
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Income received from the sale of goods and/or services; also slips of paper documenting a purchase.
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Sole Proprietorship
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Business owned and operated by one person.
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Proprietor
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Owner of a business
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Unlimited Liability
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Requirement that an owner is personally and fully responsible for all losses and debts of a business.
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Assets
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All items to which a businessor household holds legal claim.
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Partnerhip
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Business that two or more individuals own and operate.
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Limited Partnership
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Special form of partnership in which one or more partners have limited liability but no voice in management.
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Joint Venture
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Partnership set up for a specific purpose just for a short period of time.
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Corporation
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Type of business organization owned by many people but treated by law as though it were a person; it can own property, pay taxes, make contractsm and so on.
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Stock
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Share of ownership in a corporation that entitles the buyer to a certain part of the future profits and assets of the corporation.
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Limited Liability
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Requirement in which an owner's responsibility for a company's debts is limited to the size of the owner's investment in the firm.
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Articles of Incorporation
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Document listing basic information about a corporation that is filed with the state where the corporation will be headquartered.
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Corporate Charter
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License to operate granted to a corporation by the state where it is established.
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Common Stock
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Shares of ownership in a corporation that give stockholders voting rights and a portion of future profits (after holders of preferred stock are paid).
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Market Structure
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The extent to which competition prevails in particular markets.
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Preferred Stock
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Shars of ownership in a corproation that give stockholders a portion of future profits (before any profits go to holders of common stock) but no voting rights.
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Franchise
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Contract in which one business (the franchiser)sells to another business (the franchisee) the right to use the franchiser's name and sell its products.
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Perfect Competition
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Market situatio in which there are numerous buyers and sellers, and no single buyer or seller can affect price.
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Monopoly
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Market Situation in which a single supplier makes up an entire industry for a good or service with no close substitutes.
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Barriers to Entry
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Obstacles to competition that prevent others from entering a market.
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Economics of Scale
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Low production costs resulting from the large size of output.
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Patent
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Exclusive right to make, use, or sell an invention for a specified number of years.
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Copyright
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Exclusive right to sell, publish, or reproduce creative works for a specified number of years.
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Oligopoly
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Industry dominated by a few suppliers who exercise some control over price.
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Product Differentiation
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Manufacturers' use of minor differences in quaility and features to try to differentiate between similar goods and services.
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Cartel
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Arrangement among groups of industrial businesses to reduce international competition by controlling the price, production, and distribution of goods.
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Monopolistic Competition
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Market situation in which a large number of sellers offer similar but slightly different products and in which each has some control over price.
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Interlocking Directorate
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A board of directors, the majority of whose members also serve as the board of directors of a competing corporation.
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Antitrust Legislation
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Federal and state laws passed to prevent new monopolies from forming and to break up those that already exist.
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Merger
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A combined company that results when one corporation buys more than half the stock of another corporation and thus controls the second corporation.
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Conglomerate
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Large corporation made up of smaller corporations dealing in unrelated business.
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Deregulated
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Reduction of government regulation and control over business activity.
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Financing
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Obtaining funds or money capital for business expansion.
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Cost-Benefit Analysis
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A financial process in which a business estimates the cost of any action and compares it with the benefits of that action.
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Revenues
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Total income from sales of output.
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Profts
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The money earned after a business subtracts its costs from its revenues.
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Debt Financing
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Raising money for a business through borrowing.
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Short-Term Financing
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Money borrowed by a business for any period of time less than a year.
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Intermediate-Term Financing
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Money borrowed by a business for 1 to 10 years.
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Long-Term Financing
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Money borrowed by a business for a period of time of more than 10 years.
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Production
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Process of changing resources into goods that satisfy the needs and wants of individuals and businesses.
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Consumer Goods
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Goods produced for individuals and sold directly to the public to be used as they are.
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Machanization
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Combined labor of people and machines.
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Assembly Line
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Production system in which the good being produced moves on a convyor belt past workers who perform individual tasks in assembling it.
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Division of Labor
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Breaking down of a job into small tasks performed by different workers.
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Automation
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Production process in which machines do the work and people oversee them.
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Robotics
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Sophisticated computer-controlled machinery that operates an assembly line.
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Marketing
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All the activities needed to move goods and services from the producer to the consumer.
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Consumer Sovereignty
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The role of the consumer as ruler of the market when determining the types of goods and services produced.
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Market Research
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Gathering, recording, and analyzing data about the types of goods and services that people want.
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Market Survey
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Information gathered by researchers about possible users of a product based on such characteristics as age, gender, income, education, and location.
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Test-Marketing
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Offering a product for sale in a small area for a limited period of time to see how well it sells before offering it nationally.
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Price Leadership
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Practice of setting prices close to those charged by other companies selling similar products.
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Penetration Pricing
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Selling a new product at a low price to attract customers away from an established product.
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Promotion
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Use of advertising to inform consumers that a new or improved product or service is available and to persuade them to purchase it.
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Direct-Mail advertising
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Type of promotion using a mailer that usually includes a letter describing the product or service and an order blank or application form.
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Product Life Cycle
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Series of stages that a product goes through from first introduction to complete withdrawl from the market.
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Channels of Distribution
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Routes by which godos are moved from producers to consumers.
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Wholesalers
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Businesses that purchase large quantities of goods from producers for resale to other businesses.
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Retailers
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Businesses that sell consumer goods driectly to the public.
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E-Commerce
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Business transaction conducted over computer networks, in particular the World Wide Web.
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Civilian Labor Force
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Total number of people 16 years old or older who are either employed or actively seeking work.
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Blue-Collar Workers
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Category of workers employed in crafts, manufacturing, and nonfarm labor.
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White-collar Workers
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Category of workers employed in offices, sales, or professional positions.
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Service Workers
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People who provide services directly to individuals.
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Unskilled Workers
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People whose jobs require no specialized training.
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Semiskilled Workers
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People whose jobs require some training, often using modern technology.
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Skilled Workers
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People who have learned a trade or craft through a vocational school or as an apprentice to an experienced worker.
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Professionals
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Highly educated individuals with college degrees and usually additional education or training.
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Minimum Wage Law
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Federal Law that sets the lowest legal hourly wage rate that may be paid to certain types of workers.
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Labor Union
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Association of workers organized to improve ages and working conditions for its members.
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Strike
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Deliberate work stoppage by workers to force an employer to give in to their demands.
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Craft Union
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Union made up of skilled workers in a specific trade or industry.
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Industrial Union
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Union made up of all the workers in an industry regardless of job or skill level.
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Local Union
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Members of a union in a particular factory, company, or geographic area.
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Closed Shop
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Company in which only union members could be hired.
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Union Shop
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Company that requires new employees to join a union after a specific period of time.
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Agency Shop
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Company in which employees are not required to join the union, but must pay union dues.
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Right-to-Work Laws
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State laws forbidding unions from forcing workers to join and pay union dues.
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Collective Bargaining
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Process by which unions and employees negotiate the conditions of employment.
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Cost-of-Living Adjustment (COLA)
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Provision calling for an additional wage increase each year if the general level of prices rises.
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Mediation
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A neutral person tries to get both sides to reach an agreement during negotiations.
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Arbitration
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Union and managment submit the issues they cannot agree on to a third party for a final decision.
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Picketing
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Action of strikers who walk in front of a workplace carrying signs that state their disagreement with the company.
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Boycott
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Economic pressure exerted by unions urging the public not to purchase the goods or services produced by a company.
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Lockout
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Situation that occurs when management prevents workers from returning to work until they agree to a new contract.
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Injunction
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Court order preventing some activity.
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