Apex US & Global Economics Unit 1 – Flashcards
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advocate
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A person who speaks or writes in favor of something
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allocation
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Setting aside resources for a specific purpose.
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assembly line
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A production method that involves lining up workers to assemble a product in stages using simple, repetitive tasks.
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barter
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To trade goods or services without the exchange of money.
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bartering
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The direct exchange of goods or services between people without using any form of money.
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benefit
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Something good you can get or something bad you can avoid.
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capitalism
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A system of private ownership and free exchange.
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coercion
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The use of force or threats to affect someone else's choice.
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command economy
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A system where the government tells producers what and how to produce.
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communication
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The sharing of information between two or more people.
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conflict
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A situation of disagreement.
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consumer price index
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A measure of the average change in prices of certain goods and services typically purchased by consumers.
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consumption
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Using a good or service.
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cost
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Something good you have to give up or something bad you have to accept.
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cost-benefit analysis
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A decision-making process that seeks to maximize benefits and minimize costs.
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distribution
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Taking things from one place to another.
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economic indicators
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Measurements used to judge the condition of the economy.
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economy
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Activities related to the production and distribution of goods and services in a particular geographic region.
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efficiency
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Producing something with as little waste as possible.
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equity
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1. Fairness. 2. Ownership of an asset.
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exchange
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To give something in return for something else.
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factors of production
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Different types of resources needed to produce goods and services.
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fraud
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An intentional misrepresentation of reality for financial gain.
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freedom
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The absence of an obstacle.
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free-market system
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A system where economic decisions are made by the free choices of producers and consumers.
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goods
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Objects that satisfy needs or wants.
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gross domestic product
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The value of all goods and services produced in a country.
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growth
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An increase in something.
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incentive
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1. Motivation based on a reward. 2. A cost or benefit that motivates a decision or action.
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inflation
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Rising prices for goods and services.
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inflation rate
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Increase of the average level of prices.
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inflation-adjusted price
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Price from the past increased by the inflation rate to show present cost.
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innovation
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Finding new and better ways of doing things.
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intervention
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Getting involved or interfering.
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loss
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The result of costs being higher than revenue.
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market forces
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Properties of the free-market system that lead to unintended outcomes.
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marketplace
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A place where goods and services are sold.
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method
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A way of doing things.
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minimum wage
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The lowest hourly wage that can legally be paid to an employee.
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mixed economy
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A system that follows both free-market and command principles.
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monetary
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Able to be measured in terms of money.
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outcome
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Something that results from something else.
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per capita
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The average amount per person.
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planned economy
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A economic system run by the government.
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private property
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Individual ownership of the factors of production.
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production
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The creation of goods and services to satisfy wants and needs.
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productivity
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The speed at which goods and services are made.
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profit
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1. When the selling price is greater than the total cost of production. 2. Total revenue minus total costs.
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profit motive
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1. The desire to make money out of production. 2. The desire to earn a profit.
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property
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A characteristic trait, attribute, or virtue possessed by something.
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property rights
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The right to private ownership of land, labor, and capital.
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rational
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Following reason or logic.
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resource
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Input used to produce goods and services.
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retail
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The sale of goods directly to customers.
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ripple effect
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When one change results in a series of other changes.
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scarcity
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A situation when demand exceeds supply.
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security
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Protection against risk or danger.
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service
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An act or a type of work done for someone else, usually for pay.
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socialism
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A system aimed at equality of wealth among its members.
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specialize
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To pursue a specific activity, occupation, or field of study.
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stagnating
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Neither growing or shrinking.
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standardize
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To get everyone to do something the same way.
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subjective
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Varying from one individual to another.
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technology
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Advancements or applications that improve results.
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theory
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An idea about how something should be organized.
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unemployment rate
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The percentage of the total number of workers who are out of work but are seeking jobs and are willing to work.
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voluntary
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Done freely without being forced by someone else.
