Economics vocabulary
Transcript of Economics vocabulary
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Economics
Pertaining to the production, distribution, and use
of income, wealth, and commodities.
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Traditional Economy
An economic system in which decisions about
production and consumption are based on
custom and tradition.
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Free Enterprise System
An economic system in which people are free to
operate their businesses as they see fit, with little
government interference.
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Capitalism
An economic system based on private ownership
and on the investment of money in business
ventures in order to make a profit.
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Command Economy
An economic system in which economic decisions
about production and distribution are made by
some central authority
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Laissez Faire
A policy based on the idea that government
should play as small a role as possible in the
economy
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Consumer
A person who uses goods or services
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Good
An article of trade. A product created to satisfy a
human want.
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Commodity
A good that is the same no matter who produces
it.
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Service
Work done by one person or group that benefits
another but does not produce a physical product
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Capital
Any form of wealth that can be used to produce
more wealth
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Capital Resource
A tool, machine, or building that people use to
produce goods and services. It also includes
money.
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Human Resource
The people who make products or provide
services (the most expensive part of producing
goods and services)
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Natural Resource
Any material in nature that people use and value
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Opportunity Cost
The best alternative that is given up, when a
choice or decision is made.
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Entrepreneur
A person who risks time and money to start and
manage a business.
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Strike
To stop work in order to get an employer to meet
certain demands
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Robber Baron
A business leader who became wealthy through
dishonest methods
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Captain of Industry
An industrious leader who transformed the
American economy through business skills
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Philanthropist
a wealthy person who gives money and time to
help make life better for other people
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Vertical Integration
Practice where a single entity controls the entire
process of a product, from the raw materials to
distribution
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Kickback
A partial refund of the original price of the
product
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Monopoly
Exclusive control of a commercial activity
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Trusts
Firms or corporations that combine for the
purpose of reducing competition and controlling
prices (establishing a monopoly).
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Interest
A fixed charge for borrowing money
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Company
A business
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Corporation
A business owned by investors who share in its
profits but are not personally responsible for its
debts
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Stock
A share in the ownership of a corporation.
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Piecework
Employment where a worker is paid a fixed rate
per piece completed, instead of an hourly wage
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Distribution
The act of giving or delivering something to
people. The way something is divided or spread
out.
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Byproduct
A secondary product that comes from the
manufacturing process. It is not the main product
being produced.
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Trade
The skilled practice of a practical occupation (ex:
electrician, carpenter, nurse)
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Union
An organization of workers that have come
together to achieve goals that alone, they would
not have the power to achieve.
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Tenement
A rundown, often overcrowded, apartment house
barely meeting minimal standards
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Gilded
Covered in a thin layer of gold
OR
Having a showy appearance that hides
something of little worth
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Progressive
Reformer who works to stop unfair business
practices and corruption in government.
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Muckraker
A journalist who uncovers wrongdoing in politics or
business
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Political Machine
A well organized political organization that
controls election results by awarding jobs and
other favors in exchange for votes
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Graft
The illegal use of political influence for personal
gain
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Settlement House
Institution located in a poor neighborhood that
provided community services
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Initiative
A process that allows citizens to have proposed
laws placed on the ballot
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Referendum
A process that allows citizens to have proposed
laws placed on the ballot
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