Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Civics & Economics Unit 7: The Economy & the Individual 1) Capital: Tools, machinery, & $ used to make products 2) Capitalism: System in which private citizens own most, if not all, of the means of production and decide how to use them within legislative limits 3) Competition: Struggle b/w buyers & sellers to get the best prices 4) Consumer: Someone who buys a good or service 5) Consumer Price Index: Measure of change in price over time of specific group of goods & services 6) Consumer Sovereignty: Consumer determines what products are available 7) Cost-Benefit Analysis: Economic model that compares the marginal costs and marginal benefits of a decision 8) Division of Labor: The breaking down of a job into separate, smaller tasks to be performed individually 9) Economics: The study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants 10) Economic Interdependence: A reliance on others, as they rely on you, to provide goods & services to be consumed 11) Economic Model: Simplified representation of the real world that economists develop to describe how the economy behaves and is expected to perform in the future 12) Economic System: Nation’s way of producing things its nation wants and needs 13) Entrepreneur: Individual who starts a new business, introduces a new product, and improves a management technique 14) Fiscal Policy: The federal government’s use of spending and taxation policies to affect overall business activity 15) Free Enterprise: Economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference 16) Incentive: Reward offered to try to persuade people to take certain economic actions 17) Laissez Faire Economics: Economic system where government should not interfere in the marketplace 18) Marginal Benefit: The additional or extra benefit associated with an action 19) Marginal Cost: Cost for adding one more unit 20) Marginal Utility: Additional use that is derived from each unit acquired 21) Market: Free and willing exchange of goods and services b/w buyers and sellers 22) Opportunity Cost: The cost of the next best alternative use of time and money when choosing to do one thing rather than another 23) Productivity: The degree to which resources are being used efficiently to produce goods and services 24) Profit Motive: The driving force that encourages individuals & organizations to improve their wealth 25) Profit: The money a business receives for its products or services over and above its costs 26) Resource: The money, people, & materials available to accomplish a community’s goals 27) Scarcity: Not having enough resources to produce all of the things we would like to have 28) Specialization: When people, businesses, regions, and/or nations concentrate on goods and services that they can produce better than anyone else 29) Services: Work performed by a person for someone else 30) Trade-Off: The alternative you face if you decide to do one thing rather than another 31) Voluntary Exchange: Buyers & sellers choose to work together Civics & Economics Unit 8: The U.S. Economy 1) Articles of Partnership: Formal legal papers specifying the arrangement between partners 2) Charter: A written document granting land and the authority to set up colonial governments or a government document granting permission to organize a corporation 3) Cooperative: A voluntary association of people formed to carry on some kind of economic activity that will benefit its members 4) Demand: Desire, willingness, and ability to buy a good or service 5) Demand Curve: Down-ward sloping curve that shows the quantities demanded at each possible price 6) Demand Elasticity: Measure of responsiveness relating change in quantity demanded to a change in price 7) Demand Schedule: Table showing quantities demanded at different possible prices 8) Equilibrium Price: The price at which the amount producers are willing to supply is equal to the amount consumers are willing to buy 9) Factor Market: A market where productive resources are bought and sold 10) Financial Capital: Money used to buy the tools and equipment used in production 11) Law of Demand: The concept that people are normally willing to buy less of a product if the price is high and more of it if the price is low 12) Law of Supply: The principle that suppliers will normally offer more for sale at higher prices and less at lower prices 13) Marginal Utility: Additional use that is derived from each unit acquired 14) Market: Free and willing exchange of goods and services b/w buyers and sellers 15) Market Demand: The total demand of all consumers for a product or service 16) Market Supply: The total of all the supply schedules of all the businesses that provide the same good or service 17) Minimum Wage: Lowest legal wage that can be paid to most U.S. workers 18) Price Ceiling: Maximum price that can be charged for goods & services, set by the government 19) Price Floor: Minimum price that can be charged for goods & services, set by the government 20) Product Market: A market where producers offer goods & services for sale 21) Shortage: Situation in which quantity demanded is greater than quantity supplied 22) Stock: Ownership share of a corporation 23) Stockholder: Individual who has invested in a corporation and owns some of its stock 24) Strike: When workers deliberately stop working in order to force an employer to give in to their demands 25) Subsidy: A government payment to an individual, business, or group in exchange for certain actions 26) Supply: The amount of goods and services that producers are able and willing to sell at various prices during a specified time period 27) Supply Curve: Upward-sloping line that graphically shows the quantities supplied at each possible price 28) Supply Elasticity: Responsiveness of quantity supplied to a change in price 29) Supply Schedule: Table showing quantities supplied at different possible prices 30) Surplus: Situation in which quantity supplied is greater than quantity demanded; situation in which government spends less than it collects in revenues 31) Utility: The amount of satisfaction one gets from a good or service