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Economics Final

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Term
Definition
Economic System   The way in which a society uses its scarce resources to satisfy its people's unlimited needs and wants.  
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Opportunity Cost   The loss of potential gain from other alternatives when one alternative is chosen.  
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Alternative Cost   What you give up when making an economic choice.  
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Market   An arrangement that allows buyers and sellers to exchange things.  
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Competition   The struggle among producers for the dollar of consumers; the regulating force in the free market.  
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Traditional Economy   Economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services.  
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Centrally Planned (Command) Economy   Economic system in which the central government makes all economic decisions on the production and consumption of goods and services.  
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Free Market Economy   Both centrally and planned and free market economy; decisions are made by societies.  
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Factors of Production   Land, labor, capital  
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Goods   Physical objects such as shoes and shirts.  
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Services   Actions or activities that one person performs for another.  
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Laissez Faire   Hands off; no government interference.  
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6 Economic Goals   Economic efficiency, economic freedom, economic security and predictability, economic equity, economic growth and innovation  
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Guns and Butter   Refers to the trade-offs that nations face when choosing to produce more or less military or consumer products.  
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Physical Capital   A factor of production.  
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Scarcity   Implies limited quantities of resources to meet unlimited wants.  
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Shortage   A situation in which a good or service is unavailable.  
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Entrepreneur   Ambitious leaders who combine land, labor and capital to create and market new goods and services.  
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Bill Gates   Co-founder of Microsoft Corporation; richest man in the world.  
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Steve Jobs   Founder of Apple Inc.  
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T.A.N.F.   Federal money goes to the states who design their own welfare programs.  
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Medicare   For people 65 years and over.  
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Unemployment   Funded by state and federal government, provides money to eligible workers who have lost their job; workers must show they have made efforts to get work.  
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Social Security   Payroll taxes are collected from current workers and redistributed to the elderly and disabled.  
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EPA   Protect people and the environment from significant health risks, sponsors and conducts research.  
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SEC   Security Exchange Commission - Regulates the stock market.  
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FDA   Responsible for protecting the public health by assuring the safety, efficiency and security of human and veterinary drugs.  
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EEOC   Enforces laws that makes discrimination illegal in the work place.  
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FCC   Regulates interstate and international communications through cable, radio, TV, satellite and wire. The goal is to promote connectivity and ensure a robost and competitive market.  
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CPSC   Protects the public from unreasonable risks of serious injury or death from thousands of types of consumer products.  
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FAA   Works to ensure air travel is safe.  
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Poverty Threshold   Income level below what is needed to support a household.  
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Safety Net   Designed to protect people from economic hardships (food stamps, medicaid, etc.).  
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Externality   An economic side effect of a good or service that generates benefits or costs to some one other than the person deciding how much to produce or consume.  
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Zoning Laws   Laws in a city that separate residency and businesses.  
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Public Goods   A shared good or service for which it would be impractical to make consumers pay individually and to exclude nonpayers.  
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Law of Supply   The higher the price, the larger the quantity produced.  
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Law of Demand   Consumers buy more of a good when its price decreases and buy less when its price increases.  
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Shift Factors - Supply and Demand   Left Shift - Decrease, Right Shift - Increase  
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Equilibrium   The point at which quantity demanded and quantity supplied are equal.  
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Disequilibrium   Describes any price or quantity not at equilibrium; when quantity supplied is not equal to quantity demanded in a market.  
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Graphing Supple/Demand Curves   Represents the demand schedule, all reflect the law of demand.  
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Normal Goods   A good that consumers demand more of when their income increases.  
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Complementary Goods   Generic goods.  
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Elastic   Consumer demand will change considerably as a result of a price change, there are many alternatives or substitutes for the good or service.  
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Inelastic   Consumer demand will not change much with a price change, the good is considered a necessity or there are few alternatives.  
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Capital Gain   The difference between a higher selling price and a lower purchase price, resulting in a financial gain for the seller.  
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Dividend   The portion of corporate profits paid out to stockholders.  
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Investment   The act of redirecting resources from being consumed today so that they may create benefits in the future; the use of assets to earn income or profit.  
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Bookerage Firm   A business that specializes in trading stocks.  
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Bull Market   A steadily rising market.  
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Bear Market   A steadily declining market.  
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New York Stock Exchange   The country's most profited market.  
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Day Trader   The buying and selling of securities on the same day, often online, on the basis of small short-term price fluctuations.  
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Profit   The financial gain made in a transaction.  
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Corporate Bond   A bond that a corporation issues to raise money in order to expand its business.  
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Liability   The legally bound obligation to pay debts.  
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Corporation   A legal entity owned by individual stockholders.  
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Sole Proprietorship   A business owned and managed by a single individual.  
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Franchise   The right to sell a good or service within an exclusive market.  
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Horizontal Merger   The combination of 2 or more firms competing in the same market with the same good or service.  
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Vertical Merger   The combination of 2 or more firms involved in different stages of producing the same good or service.  
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Conglomerate   Business combination merging more than 3 businesses that make unrelated products.  
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Multinational   Large corporation that produces and sells its goods and services throughout the world.  
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