Ponder - Economics Vocab CH 1, 2, 18
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| Value | show 🗑
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| economics | show 🗑
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| capital | show 🗑
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| scarcity | show 🗑
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| opportunity cost | show 🗑
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| wealth | show 🗑
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| show | people with all their abilities and efforts; one of four factors of production
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| show | alternative choices made by consumers in the marketplace
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| show | quality of life based on ownership of necessities and luxuries that make life easier
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| good | show 🗑
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| show | tool, equipment, or other manufactured good used to produce other goods and services; a factor of pro¬duction
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| show | the final use of goods and services.
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| show | basic requirement for survival; includes food, clothing, and/or shelter
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| show | way of expressing or communicating a need; a broader classification than needs
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| show | work or labor performed for someone; economic product that includes haircuts, home repairs, forms of entertainment
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| production possibilities frontier | show 🗑
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| production | show 🗑
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| show | market where productive resources are
bought and sold
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| show | any good that lasts three years or more when used regularly
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| show | economy in which consumers and privately owned businesses make the majority of the WHAT, HOW, and FOR WHOM decisions
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| Social Security | show 🗑
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| economic system | show 🗑
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| fixed income | show 🗑
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| show | economic system in which private citizens own and use the factors of production in order to generate profits
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| command economy | show 🗑
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| mixed economy | show 🗑
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| profit | show 🗑
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| show | act of buyers and sellers freely and willingly engaging in market transactions; characteristic of capitalism and free enterprise
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| show | fundamental feature of capitalism, which allows individuals to own and control their possessions as they wish; includes both tangible and intangible property
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| show | free enterprise market economy where people carry on their economic affairs freely, but are subject to some government intervention and regulation
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| competition | show 🗑
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| economy | show 🗑
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| show | role of consumer as ruler of the market when determining the types of goods and services produced
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| show | extent to which persons or organizations are better off at the end of a period than they were at the beginning; usually measured in dollars
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| traditional economy | show 🗑
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| inflation | show 🗑
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| show | economy in which competition is allowed to flourish with a minimum of government interference; term used to describe the American economy
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| market economy | show 🗑
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| show | conversion of state-owned factories and other property to private ownership
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| show | forced common ownership of factors of production; used in the former Soviet Union in agriculture and manufacturing under Stalin
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| capital-intensive industries | show 🗑
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| perestroika | show 🗑
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| show | large farms owned and operated by the state in the former Soviet Union
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| show | Chinese plan to institute pure communism and industrial and agricultural revolution within five years
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| Piecework | show 🗑
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| show | property or other security used to guarantee repayment of a loan
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| keiretsu | show 🗑
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| show | economic and political system in which factors of production are collectively owned and directed by the state; theoretically classless society in which everyone works for the common good
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| show | making business dealings more visible to everyone, especially government regulators
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| storming | show 🗑
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| show | the highways, mass transit, communications, power, water, sewerage and other public goods needed to support a population
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| show | comprehensive centralized economic plan used by the Soviet Union and China to coordinate development of agriculture and industry
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| black market | show 🗑
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| socialism | show 🗑
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| show | central planning authority in former Soviet Union
that devised and directed Five-Year plans
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| collective farm | show 🗑
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| show | independent, sometimes illegal Polish labor union founded in 1980 by Lech Walesa
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Created by:
breckart2
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