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T's sample econ
Economics Vocabulary
| Question | Answer |
|---|---|
| Consumer | One who buys or rents goods or services and uses them. |
| Economics | The study of the behavior of individuals and institutions engaged in the production, distribution and consumption of goods and services. |
| Economic interdependence | economic activities in one part of the country |
| Entrepreneur | Individual who begins, manages and bears the risks of a business |
| Federal Reserve System | The “Central Bank” of the United States (consisting of the Board of Governors and 12 district banks) which controls monetary policy; sometimes referred to as "The Fed" or Federal Reserve. |
| GDP Gross Domestic Product | dollar value of all final goods and services |
| Goods | Objects that can satisfy people's wants. |
| Income | Payments earned by people in exchange for providing resources used to produce goods and services. |
| Inflation | A general rise in the price level. |
| Interdependence | Ideas, goods and services in one area affect decisions and events in other areas reducing self-sufficiency. |
| Law of demand | The lower the price of a good or service, the greater the quantity that people will buy, all else held constant (e.g., incomes, tastes). |
| Law of supply | The higher the price of a good or service, the greater the quantity that business will sell, all else held constant (e.g., resource costs, technology). |
| Market | A place or process through which goods and services are exchanged. |
| Market economy | An economic system in which decisions are made largely by the interactions of buyers and sellers. |
| Mixed economy | An economic system in which decisions are made by markets, government and tradition. |
| Monetary policy | Government decisions on money supply and interest rates to achieve economic goals. |
| Money | A medium of exchange. |
| Natural resources | Anything found in nature that can be used to produce a product (e.g., land, water, coal). |
| Partnership | A business in which ownership is shared by two or more people who receive all the profits and rewards and bear all the losses and risks. |
| Producer | One who makes goods or services. |
| Productivity | Amount of output per unit of input over a period of time. It is used to measure the efficiency with which inputs can be used. |
| Profit | Total revenue minus total costs. |
| Recession | A contraction in National production that lasts six months or longer. A recession might be marked by job layoffs and high unemployment, stagnant wages, reductions in retail sales and slowing of housing and car markets. |
| Resources | Inputs used to produce goods and services; categories include natural, human and capital. |
| Scarcity | An economic condition that exists when demand is greater than supply. |
| Services | Actions that are valued by others. |
| Tariff | A surcharge placed on imported goods and services. The purpose of a tariff is to protect domestic products from foreign competition. |
| Trade | Voluntary exchange between two parties in which both parties benefit. |
| Traditional economy | An economic system in which decisions are made largely by repeating the actions from an earlier time or generation. |
| Wants | Desires that can be satisfied by consuming goods, services or leisure activities. |
| Wealth | accumulation of those products that are tangible, scarce, useful, and transferable from one person to another |
Created by:
MrsTakahashi
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