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Vocabulary
What is Economics?
Economic Systems
American Free Enterprise
Miscellaneous
100
Any resources that are made by humans and used to create other goods and services.
What is capital?
100
The resources used to make all goods and services.
What are factors of production?
100
To produce and distribute goods and services.
What is an economic system?
100
Private organization that attempts of influence public officials to act or vote in ways that will benefit the group's members.
What is interest group?
100
Limited resources, unlimited wants and desires.
What is scarcity?
200
Requirements for companies to provide full information about their products.
What is public disclosure laws?
200
An economy that uses its resources to make the most goods and services.
What is efficient?
200
Government programs that protect people from experiencing unfavorable economic conditions.
What is a safety net?
200
Income level below that which is needed to support families or households.
What is poverty threshold?
200
Level of economic prosperity.
What is standard of living?
300
The most desirable alternative given up for the decision
What is opportunity cost?
300
Country's production possibilities increase because available workers become more skilled at using a computer.
What is technology?
300
Mixed economy, but on the side of centrally planned.
What is China?
300
Redistributed from your pay as cash transfers to the elderly and disabled people.
What is Social Security?
300
A new runway opened up at the airport and the flight path goes directly over your apartment.
What is a negative externality?
400
An economic side effect of a good or service that generates benefits or cost to someone other than the person deciding how much to produce or consume.
What is externality?
400
Iron ore, natural gas, fertile soil, water
What is land?
400
The market in which households purchase the goods and services that firms produce.
What is product market?
400
High employment, steady growth, and stable prices.
What are policy maker's three main goals?
400
Income people receive for supplying things such as land, labor, or capital.
What are factor payments?
500
a large Soviet farm leased from the state to groups of peasant farmers.
What are collectives?
500
A free market philosopher
Who is Adam Smith?
500
Two things that work together to regulate the market- the invisible hand.
What is self-interest and competition?
500
Gives cash to the states to help run their welfare program.
What is Temporary Assistance for Needy Families (TANF)?
500
Total value of all goods and services produced in a particular economy.
What is gross domestic product?