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Chapter 3 Study
Test Thursday (10-28-15)
| Term | Definition |
|---|---|
| Economics | body of knowledge that relates to producing and using goods & services that satisfy human wants |
| Economic Wants | desire for scarce material goods & services |
| Non economic Wants | desires for nonmaterial things that are not scarves |
| Utility | ability of a good or service to satisfy a want. |
| Producer | Anyone who creates utility |
| Factors of Production | land, labor, capital goods, and entrepreneurship |
| Natural Resources | anything provided by nature that affects the productive ability of a country |
| Labor | human effort, either physical or mental that goes into the production of goods and services. |
| Human Capital | Accumulated knowledge & skills of human beings, the total value of each person’s education & acquired skills |
| Capital Goods | buildings, tools, machines, & other equipment that are used to produce other goods but do not directly satisfy human wants. |
| Capital Formation | production of capital goods |
| Consumer Goods & Services | goods & services that directly satisfy people's economic wants |
| Economic System | Organized way for a country to decide how to use its productive resources; that is, to decide what, how, and for whom goods and services will be produced |
| Market Economy | economic system in which individual buying decisions in the marketplace together determine what, how, and for whom goods and services will be produced. |
| Mixed Economy | economic system that uses aspects of a market and a command economy to make decisions about what, how, and for whom goods and services will be produced. |
| Privatization | transfer of authority to provide a good or service from a government to individuals or privately owned businesses. |
| Capitalism | Economic political system in the United States |
| Socialism | economic-political system in which the government controls the use of the country's factors of production |
| Communism | extreme socialism, in which all or almost all of a nation's factors of production are owned by the government |
| Private Property | items of value that individuals can own, use, and sell |
| Profit | computed by subtracting the total cost of producing the products from the total received from customers who buy them. |
| Demand | the number of products that will be bought at a given time at a given price |
| Supply | the number of like products that will be offered for sale at a particular time and at a certain price |
| Compeition | the rivalry among sellers for consumers’ dollars |
| Economic Growth | occurs when a country’s output exceeds its population growth |
| Consumer Price Index | indicates what is happening in general to prices in the country |
| Recession | decline in the GDP that continues for six months or more |
| Inflation | the rapid rise in prices caused by an inadequate supply of goods and services |
| Business Cycles | a pattern of irregular but repeated expansion and contraction of the GDP |
| Depression | a ling a severe drop in the GDP |
| Command Economy | Economic system in which a central planning authority, under the control of of the country’s government, owns most of the factors of production and determines what, how, and for whom goods and services will be produced. |
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