Vocab 1
People with their abilities and efforts
What is Labor
An increase in the overall level of prices in the economy
What is Inflation
Struggle among businesses to attract consumers
What is Competition
Regulates products for consumer safety
What is Government
What is consumer sovereignty
Separation of the tasks in any economic system or organisation so that participants may specialize
What is Division of Labor
a sustained period of significant economic decline that sees a nation's GDP drop, unemployment rates rise and consumer confidence suffer
What is Economic Depression
Federal health insurance for anyone age 65 and older, and some people under 65 with certain disabilities or conditions
What is Medicare
People who start new businesses or bring new products to the market
What is Entrepreneurs
Buyers/Sellers engaging freely in transactions
What is Voluntary Exchange
The transfer of a major branch of industry or commerce from private to state ownership or control.
What is Nationalization
The skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country
What is Human Capital
The demand for a good or service is greater than the availability of the good or service
What is Scarcity
Market where goods and services are sold illegally
What is the Black Market
The loss of potential gain from other alternatives when one alternative is chosen.
What is Opportunity Cost
Central Planning authority in the former Soviet union that devised and directed the five year plan
What is Gosplan
The mutual dependence of the participants in an economic system who trade in order to obtain the products they cannot produce efficiently for themselves
What is Economic Interdependence
Scarcity, tangibility, transfer-ability, and capacity
What is Accumulated Goods
Private owned businesses have freedom to operate for profit with limited government intervention
What is Free Enterprise
Keeping record, Reporting, and Allowing Reasonable time
What is Consumer Responsibilities
China's 2nd five year plan which forced collectivization of agriculture and rapid industrialization
What is Great Leap Forward
Independently owned groups of Japanese firms joined and governed by an external board of directors in order to regulate competition
What is Keiretsu
The standard measure of the value added created through the production of goods and services in a country during a certain period
What is GDP
Used by Economists to illustrate all possible combination of outputs
What is Production Possibilities Curve
The right to: be informed, safety, choose, be heard, redress
What is The 5 Consumer Rights