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.
- 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
- 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.
- Land, Capital, labor, and entreoreneurs are __________________.
- factors of production.
- People who use goods and services to satisfy their wante and need are called ___________________.
- 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.
- owned by two or more persons.
- 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.
- large firm that has at least four different businesses, none of which is responsible for a majority of sales.
- ordinary corporation.
- one of the major non-profit organizations.
- fixed cost
- a production cost that does not change as total business output changes.
- the gradual wearing out of capital goods.
- total product
- total output produced by a firm
- 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.
- refusal to let the employees work until management demands were met.
- a mass refusal to buy products from targeted employers or companies.
- refuse to work until certain demands are met.
- parade in front of the employer's business carrying signs about the dispute.
- a market situation whwere the costs of production are minimized by having a single firm produce the product.
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