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35 Cards in this Set
- Front
- Back
price
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value of money (or its equivalent) placed on a good or service
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regulator
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One, such as the member of a governmental regulatory agency, that ensures compliance with laws, regulations, and established rules
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monopoly
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exclusive control over a product or the means of producing it
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supporter
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One who promotes or advocates; an adherent
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Failure
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concept within economic theory wherein the allocation of goods and services by a free market is not efficient.
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Nonprice
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is a marketing strategy "in which one firm tries to distinguish its product or service from competing products on the basis of attributes like design and workmanship
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Federal Reserve
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A U.S. banking system that consists of 12 federal reserve banks, with each one serving member banks in its own district. This system, supervised by the Federal Reserve Board, has broad regulatory powers over the money supply and the credit structure.
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Ownership
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Legal right to the possession of a thing.
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Workers
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One who does manual or industrial labor.
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Land
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the term used for the resources that come from the this
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Entrepreneurship
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abilities are needed to improve what we have and to create newgoods and services;one who brings together all the resources of land, labor, and capital that are needed to produce a better product or service; willing to assume the risk of success and failure.
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Inflation
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Rising Prices
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Scarcity
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condition that exists when peoples wants and needs exceed their resources
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Socialist
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describes a political system in which there is increased government involvement in peoples lives and the economy
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Government
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Exercise of authority in a political unit; rule.
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Population
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All of the people inhabiting a specified area.
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Productivity
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output per worker hour
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Consumers:
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one that acquires goods or services for direct use or ownership rather than for resale or use in production and manufacturing.
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Infrastructure
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a countries physical development, including the state of its roads, ports, sanitation facilities, and utilities.
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privatization
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process of selling government-owned businesses to private individuals
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resources
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all the things used in producing goods and services; land,labor,corporation, and entrepreneurship; also called factors of production
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capitalism
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economic system characterized by private ownership of businesses and marketplace competition
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Market Economy
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Economic system in which the market answers the three basic economic questions without government involvement
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Totalitarianism
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Absolute power, especially when exercised unjustly or cruelly
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Labor
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general category of the human effort that is used for the production of goods and services.
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Expansion
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The phase of the business cycle when the economy moves from a trough to a peak. It is a period when business activity surges and gross domestic product expands until it reaches a peak.
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Capital
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goods, such as equipment or processed materials, used in a production process; also, money needed to start and operate a business.
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Demand
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consumer willingness and ability to buy products
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Supply
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amount of goofs producers are willing to make and sell
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Risk
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Potential for loss or failure
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Profit
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Money earned from conducting business after all costs and expenses have been paid.
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Tennessee Valley Authority
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initially created primarily to manage the Tennessee River's navigation and flood control problems, to encourage reforestation and proper land use, and to foster agricultural and industrial development
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Equilibrium
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condition that exists when the amount of product supplied is equal to the amount of product demanded
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Securities and Exchange Commission
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A U.S. government agency that supervises the exchange of securities so as to protect investors against malpractice.
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Federal Trade Commission
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An independent federal agency whose main goals are to protect consumers and to ensure a strong competitive market by enforcing a variety of consumer protection and antitrust laws. These laws guard against harmful business practices and protect the market from anti-competitive practices such as large mergers and price-fixing conspiracies.
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