Economics Final
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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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