High School Economics Vocabulary Terms
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| allocate | to distribute scarce resources--such as money, land, equipment, or labor--in order to satisfy the greatest number of needs and wants
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| articles of incorporation | an application to form a new corporation
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| authoritarian socialism | an economic system in which the government owns or controls nearly all factors of production
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| authoritarian socialism | also known as communism
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| barter | the direct exchange of goods and services without the use of money
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| black market | buying and selling of goods in violation of the law, typically at a higher price than has been officially established
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| board of directors | a panel elected by the stockholders of a corporation to establish its policies and overall direction
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| budget deficit | the amount that an organization's spending exceeds the revenue it takes in over a designated period
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| budget surplus | the amount that an organization's income exceeds its spending over a designated period
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| business cycle | activity that is characterized by alternating periods of expansion and contraction
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| capital good | a building, structure, machine or tool that is used to produce goods or services
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| capital resource | an item that is used in the production of other goods and services
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| capitalism | a market-based economic system in which individuals own and control the factors of production
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| check-clearing | the daily process of debiting and crediting banks' reserve accounts and checking accounts
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| collateral | property pledged by a borrower as security for a loan--for example, real estate, automobiles, or equipment
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| command economy | an economy in which a central government authority makes all basic economic decisions and controls the factors of production
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| commercial bank | a financial institution whose chief purpose is to accept savings and checking deposits, make loans to businesses and individuals, and transfer money among businesses, other banks, financial institutions, and individuals
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| commodity money | a money system that is based on an item (a commodity) that has value to a society
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| common stock | a share of ownership in a corporation; grants dividends and a voice in corporate management to the shareholder
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| communism | economic system in which the government owns or controls nearly all factors of production
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| communism | also known as authoritarian socialism
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| competition | in business, a state of rivalry among sellers of the same or similar products, in which each seller tries to gain a larger share of a market and to increase profits
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| complementary good | a good that is commonly used with another good and for which demand increases (or decreases) when the demand for the related good increases (or decreases)
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| conglomerate combination | a corporation made up of several companies involved in different industries and markets
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| consumer | one who buys goods or services for personal use rather than for resale or use in production or manufacturing
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| consumer good | a finished product that is consumed by an individual
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| contract | a legally binding agreement, either oral or written, between individuals, such as to buy and sell goods and services
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| contraction | a period in the business cycle during which business activity slows down and overall economic indicators decline
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| cooperative | a business that is owned collectively by those who use its goods or services
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| copyright | a government-granted right to exclusively duplicate, perform, display, publish, and sell copies of a literary, musical, or artistic work for a specified period of time
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| corporate bond | a document representing a loan made by an investor to a corporation
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| corporate charter | a document that a government issues to grant certain rights and impose certain restrictions on a bank or corporation
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| corporation | a business in which a group of owners, called stockholders, share in the profits and losses
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| cost of production | the total cost of materials, labor, and other inputs required in the manufacture of a product
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| credit | a form of exchange that allows consumers to use items with a promise of repayment over a specified time
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| currency | the paper money and coins that are in circulation in a nation and that make up its money supply
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| customs duty | a tax on goods brought into the United States
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| debit card | a plastic card used to make withdrawals at an automatic teller machine or a place of business
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| debt ceiling | the maximum limit of debt that a local, state, or national government allows for itself by law
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| default | the failure to make payments on a loan
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| deficit spending | a government policy of spending more money on its programs that it is able to cover with expected revenue
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| demand | the amount of a good or service that consumers are willing and able to buy at various prices during a given period
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| demand curve | a graphic representation of a demand schedule, showing the the relationship between the price of an item and the quantity demanded during a given period, with all other things being equal
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| demand schedule | a tablet hat shows the level of demand for a particular item at various prices
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| demand-side economics | an economic theory developed by John Maynard Keynes proposing that government should stimulate the economy through measures that influence the overall demand for goods and services
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| democratic socialism | an economic system in which some means of producing and distributing goods are owned or controlled by an elected government
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