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Glossary of Economics flashcards

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Consumer goods
Economic products designed to satisfy people's wants and needs are called _______________.
The ____________ of a CD player can be expressed in dollars and cents.
Value
Services
Haircuts, repairs to home appliances, and entertainment are examples of ________________.
___________________ arises because society does not have enough resources to produce all the things people would like to have
Scarcity
Opportunity Cost
The ________________ of going to a football game instead of working would include the money not earned at your job.
_____________________ is another name for the capacity of a product to be useful.
utility
Land, Capital, labor, and entreoreneurs are __________________.
factors of production.
People who use goods and services to satisfy their wante and need are called ___________________.
consumers
Consumer Sovereignty
the idea that people rule the market.
economic system
a society's organized way of providing for its people's wants and needs
profit motive
the driving force that encourages people and organizations to try to improve their material well-being.
traditional economy
an ecnomic system in which ritual, habit and custom dictate most economic decisions.
Sole Proprietorship
amall, easy to manage enterprise owned by one person.
Partnership
owned by two or more persons.
Corporations
owned by shareholders who vote to elect the board of directors.
limited liability
Shareholders are not liable for the actions or debts of the corporations.
conglomerate
large firm that has at least four different businesses, none of which is responsible for a majority of sales.
multinational
ordinary corporation.
cooperative
one of the major non-profit organizations.
fixed cost
a production cost that does not change as total business output changes.
depreciation
the gradual wearing out of capital goods.
total product
total output produced by a firm
trusts
monopoly
closed shop
requires that employers hire only union members selected by the union.
unions shop
requires that an employee join the union after being hired.
lockout
refusal to let the employees work until management demands were met.
boycott
a mass refusal to buy products from targeted employers or companies.
strike
refuse to work until certain demands are met.
picket
parade in front of the employer's business carrying signs about the dispute.
monopoly
a market situation whwere the costs of production are minimized by having a single firm produce the product.

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