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| Entrepreneur | a risk taker in search of profits, opens a business
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| Scarcity | basic economic problem, wants greater than resources
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| Utility | capacity for an economic product to be useful
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| Market Economy | USA, supply and demand determines production
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| Command Economy | communism, government determines production
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| Traditional Economy | lack of industry, slow to accept change
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| Inflation | general increase in price levels
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| Sole proprietorship | one owner, do not have to share profits
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| Partnership | least common, must fill out an agreement over how to split the profits
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| Corporation | Many owners/stockholders, best growth potential
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| Law of Demand | amount consumers are willing to purchase varies inversely or opposite of the price
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| Law of Supply | amount producers offer for sale varies directly with the price
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| Elastic | wants, small price change produces a large change in supply and demand
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| Inelastic | needs, large price change produces only a small change in supply and demand
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| Fixed Cost | overhead, cost that remains the same each month like rent
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| Variable Cost | cost that changes from month to month like the cost of raw materials
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| Total Revenue | number of units sold multiplied by the price per unit
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| Rationing | a system of allocating resources without using prices
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| Price Floor | minimum price that can be charged for a product, causes surplus
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| Price Ceiling | maximum price that can be charged for a product, causes shortage
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| Surplus | situation where supply is greater than demand
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| Shortage | situation where demand is greater than supply
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| Pure Competition | farmers who compete with identical products
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| Monopolistic Competition | firms use advertising to achieve product differentiation (walmart vs. target)
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| Monopoly | one seller of the product, has no substitutes, patents/copyrights
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| Boycott | refusal to buy products from targeted companies
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| Strike | refusal to work until demands are met
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| Income Tax | largest tax revenue for the federal government
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| Sales Tax | largest tax revenue for the state governments
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| Public Sector | federal, state, and local governments
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| Private Sector | individuals and businesses
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| Fiat Money | money by government decree, system of USA - money worth something only because the government says it is worth something
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| Commodity Money | money that has an alternative use like corn or tobacco for money
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| Greenbacks | nickname given to US currency that began during the US Civil War
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| Federal Reserve | USA's central bank system since 1913
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| FDIC | system of insurance for bank deposits in USA since 1934
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| Stocks/Equities | represents shares of ownership in companies
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| Dow Jones Industrial Average | measurement of 30 stocks since 1890 (AT&T, Ford, Wells Fargo, etc.)
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