Social Studies Vocab.
Mrs. Nock said this was an easy way to study them and you have much more fun when you use the comp. so have fun!!!!!! She is right learning is more fun on the comp. :) :) :) :)
Terms
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- entepernewer
- person assembles the factsors of product on to create new goods and services...assumes the risk to start a business
- command econmy
- is a econimc system which goverment controls all or most factors of produetion & market alll or most production decisions are made
- divisionof labor
- occurs by dividing a production process into a series of jobs with each worker focusing ona limited set of tasks.... the advantage of it is that the worker can practice and perfecta particular set of skill
- econmic system
- the method used byb society to produce and distribute goods and services to meet teh wants of their people.... all society must develop one to answer the basic economic question.... there are 4 types of it.... command,tiral, trad, market, and mixed that tempature everyone needs in a society such as food housing, clothing, heating, education, etc are met
- house holds
- individuals in society who own the productive resorces or factors of production, land, labor, capitals.... they are the consumers of goods and services they7 are the eating breathing consuming population of the econmy
- econmic model
- a simplified explanation of how the econmy works
- supply curve
- a graph of how may units of a product will be suppled (offerd for sale) at different prices slopes up ward and to the left and right as we read
- consumer goods
- goods that are used or acquired primarily for personal or family house hold purposes
- market econmy
- econmy in which most goods and services are produced by the households rather than by teh goverment and prices.. goods & services adjust to su;ly and demand
- human capital
- the knolege and skills acquired for a worker through education and expirence and used to produce goods and services
- circular flow diagram
- simple model of the econmy showing the flow of goods and services and factors of production between households and firms
- services
- the acctions that satisfy peoples wants Ex: securtity, pest control, animal control
- land
- refers to all of the natural recorces used to produce goods
- surplus
- extensive amount occurs when the amount of supplies is more than the amount demanded to hight of a price will cause a surplus
- interdependance
- a situation in which producers and nations depend on eachother because they cant make everything themselvs
- labor
- any human effort used in teh production of a good or service.. one of the 4 basic factors of production
- specialize
- to concentrate the produce efforts of individuals and firms or a limited number of activities
- standard of living
- measure of a societys econmic well being
- shortage
- insignifiacant amount it can occou when a product will or can not meake for the current price, it will result in a highter price
- public goods and services
- goods and services that would not be provded in a pure free-market system Ex: fireworks display, highways
- mixed econmy
- econimic system that combines elements of a market econamy with elements of command econmy
- specialization
- when people concentrate their production on fewer kinds of goods and services
- demand curve
- a graph that between the quanity demanded and price. slopes downward from left to right
- partnership
- bussness with 2 or more owners who share in the operation of the firm and financial responsibilites for the firms debts
- productivity
- efficancy with which goods and services are produced as measured bu the quanity produced per person per hour
- supply
- amount of a good or service thatm producers are able and willing to supply at various prices
- producer
- are people who make goods or services
- wellfare
- well being of individuales as measured by the number of goods & services each individuals.... it is goverment aid to the poor
- trade off
- the alternatives that we give up whenever we chose one choce of action over another
- mass production
- the main factor of goods in large quanities by macines standerized disign and parts and often assemble lines
- capital
- refers to man-made resores used to produce other goods and services.... used to improve the productivity of labor as it transfers natural recorces into goods and services
- oppertunity cost
- cost of the loss of the next most desireable good or service that could have been produced with a recource
- goods
- tangible items capeable of being seen or tuched that can satisfy peoples wants
- three economic questions
- 1. what goods and services should be produced 2. how should the goods and services be distributed 3. who consumes thease goods and services
- business
- a trade, profession, occupation includeing farming, weather it is full or part time
- traditional econmy
- economic system decide witch decisions are based on custom, belifs, religion, habit, etc.
- link
- connection
- consumer
- person who buys goods or services and uses them for personal reasons instead of selling them