vocab 1
vocab 2
vocab 3
vocab 4
vocab 5
100
Scarcity
What is it is the realization that resources are limited but our wants are unlimited.
100
Traditional Economy
What is an economy that relies on habit, custom, or ritual to decide what to produce.
100
Equilibrium
What is the point at which supply and demand are equal.
100
Corporation
What is a business owned by individual stockholders.
100
Money
What is anything that serves as a medium of exchange, a unit of account, and a store of value.
200
Shortage
What is a situation where a good or service that is normally available is suddenly unavailable.
200
Laissez faire
What is the idea that states the government generally should not intervene in the marketplace.
200
Commodity
What is a product that is the same no matter who produces it.
200
Labor Union
What is an organization of workers that tries to improve working conditions, wages, and benefits.
200
Federal Reserve System
What is the nation's central banking system and has the power to lend to other banks in time of need.
300
Need
What is something that is necessary for survival.
300
OSHA
What is the agency that issues regulations on workplace safety and conducts workplace inspections.
300
Monopoly
What is a market dominated by a single seller.
300
Affirmative Action
What is the use of policies and programs to insure the inclusion of minorities and women in job hiring.
300
Bull Market
What is a stock market that experiences a steady rise in prices over time.
400
Want
What is something we desire but is not essential for survival.
400
Public Good
What is a good or service that is provided by the public sector for the people.
400
Merger
What is a combination of two or more companies into a single firm.
400
Glass Ceiling
What is an invisible barrier that prevents women and minorities from advancing in businesses dominated by white men.
400
Gross Domestic Product(GDP)
What is the dollar value of all final goods and services produced within a country's borders in a given year.
500
The Invisible Hand
What is the idea that over time, a market will fix itself
500
Free Rider
What is someone who would not choose to pay for a good or service but would benefit anyway if it were provided as a public good.
500
Sole Proprietorship
What is a business owned and managed by a single individual.
500
Contingent Employment
What is another name for temporary or part-time employment.
500
Federal Deposit Insurance Corporation(FDIC)
What is a government agency that insures customers' deposits for up to $100,000 if a bank fails
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