Economics vocabulary

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Economics Pertaining to the production, distribution, and use of income, wealth, and commodities.

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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