Unit 1 Vocabulary
Define Economy
A system that manages how goods and services are made, bought, and sold in a society.
Define Stock Market
A place where people buy and sell shares (parts) of companies.
Roughly how many Amazon customers are in the world today?
300 million
A ............. is a place where people buy and sell shares (parts) of companies.
Stock Market
Define Investment
Putting money into something (like a business or Property) with the hope that it will grow and make more money in the future
Define Surplus Value aka Profit
The difference between what a worker earns and the value of what they produce
Define Wall Street
A part of New York City where major financial businesses like banks and stock markets are located.
How has Amazon's presence in Seattle affected rent prices?
Rent in Seattle have been rising by 10% each year.
An ................ is a person who starts and runs a business.
Entrepreneur
Define Corporation
A large company or group of companies that are legally treated as one business.
Define Free Market
An economic system where prices are set by supply and demand, with little government control
A person who starts and runs a business, taking risks in hope of making money.
Entrepreneur
How many data centers does Amazon own? and how much of its profits come from Web services?
Amazon owns 120 data centers. 60% of Amazon's profits come from Web services.
An ............ is something valuable that a person or company owns. Examples are: money, property, stocks.
Asset
Laws that lower the amount of taxes rich people and big companies have to pay.
Tax Cuts for the Wealthy
This group is made up of people who don't own businesses or big resources and instead make money by working for wages or salary
Working Class
When people or companies try to influence government decisions to benefit their own interests.
Lobbying
What is Amazon's ultimate goal for the economy's infrastructure?
Amazon is a company that wants to control the underlying infrastructure of the economy.
........... is when people or companies try to influence government decisions to benefit their own interests.
Lobbying
Something valuable that a person or company owns, like money, property, or stock.
Asset
A theory that explains the relationship between the sellers of a resource and the buyers for that resource, which can affect prices.
Supply and Demand
When One company controls an entire industry and there is no competition
Monopoly
List three products Amazon sells
Clothing, electronics, books.......
............ is when One company controls an entire industry and there is no competition.
Monopoly
A system in which a small group of powerful individuals, often from the capitalists class, control political and economic systems.
Oligarchy