Defining Economics
allocation of resources through supply and demand
What is Econimics?
property owned by an individual
What is private property?
the process of turning raw material into products
What is Production?
power of a chief executive to prevent enactment of legislation
What is Veto?
complete control of an industry
What is a Monopoly?
financial well- being, affluence
What is Prosperity?
a greater percentage of income tax to be paid as income increases
What is progressive income tax?
capitalism; profit from privately owned goods and property
What is the Free Enterprise System?
Rights that are God-given, not manmade
What are unalienable rights?
French word for “let alone”
What is Laissez-faire?
family policies to acquire goods and services
What is family economics?
rates charged for the use of money
What are interest rates?
total market value of goods and services
What is Gross Domestic Product (GDP)?
proposed legislation pertaining to finances
What are Funding Bills?
exclusive right to use an invention or process
What is a patent?
fees collected by government as punishment
What are Punitive Fees?
the belief that truth is a fixed, unchanging, universal concept
What is Absolute Truth?
more exports than imports
What is Favorable Balance of Trade?
government taxation and spending policy
What is Fiscal Policy?
payments for the right to use a product developed by another party
What are Royalties?
money made legal through government decree
What is fiat money?
an increase in the fiat money supply
What is inflation?
assumes risks for starting a business
What is an Entrepreneur?
assets that exceed revenues
What is a Deficit?
someone who subscribes to progressivism, socialism, and/or communism
What is a Collectivist?