Economics Vocabulary

A tangible object that can be bought and used to meet the needs and wants of customers.

Our goods and services are limited due to this economic problem.

Man-made objects that are used to make other goods and services.

A resource that can be naturally replenished.

A fixed income paid on a monthly basis.

An alternative that we sacrifice when we make a decision.

The most desirable sacrifice when we make a decision.

That which is necessary for survival.

Natural resources used to make goods and services.

The degree to which resources are being used efficiently.

Knowledge and skill gained on the job that is used to make goods and services.

A reward that is offered to persuade people to take certain economic actions.

A person who buys or uses goods and services.

A cost that remains the same no matter how many goods are produced.

The payment for the service of one unit of labor.

Fixed costs plus variable costs.

A person who makes goods and services.

The extra cost of producing one more unit of a good.

The expenses that change with the number of goods produced.

When using the cost benefit analysis, you want your benefits to be _____________ than your costs.

actions one person performs for another.

improving a good or service.

goods or raw materials used to make finished products

the amount of money left over after all the costs of production have been paid

machines control production

the breaking down of a job into separate, smaller tasks, which are performed by different workers.

goods bought in the market and not used in the production of other goods.

takes place when people, businesses, regions, and even countries concentrate on goods and services that they can produce better than anyone else.

machines perform physical tasks

working class employee who performs manual or unskilled labor

a manufacturing process in which interchangeable parts are added to a product to create an end product

place where the price of goods and services are determined as exchange takes place.

perform tasks that require less physical labor/skilled workers

a maximum price for a good or service

any price or quantity not at equilibrium

requires no specialized skills, education, training

a market dominated by a single seller

a business organization owned by two or more persons who agree on a specific division of responsibilities and profits

when the stock market steadily rises over a period of time

a school of economics that believes that tax cuts can help an economy by raising supply

a market structure in which a few large firms dominate the market

units in which ownership of a corporation are sold in

anything that serves as a medium of exchange, a unit of account, and a store of value.

the use of government spending to influence the economy.

the union and company representatives meet to negotiate a new labor contract

created in 1890 and banned monopolies and other business combinations that prevented competition

when quantity demanded is more than quantity supplied (excess demand)

how people acquire goods and services without money, used in a traditional economy.

philosopher and political economist known better as a communist and author of the Communist Manifesto

supervises and regulates banks, implements monetary policy, controls the amount of currency in circulation, and sets reserve ratios

a general increase in prices

the point at which quantity demanded and quantity supplied are equal

a market that runs most efficiently when one large firm supplies all the output, like public water

a business owned and managed by a single individual

an institution for receiving, keeping, and lending money

when each single share of stock splits into more than one share, used to encourage investors to buy stock.

the idea that government spending and tax cuts help an economy by raising demand

lays out the foundation for communism by describing the conflict between the proletariat and the bourgeois as leading to revolution

investing money in companies and giving them tax breaks will benefit the economy because eventually, consumers will experience the effects.

the country's largest and most powerful exchange

demands advanced skills and education

this is a measure that bans mandatory union membership, NC is one

when quantity supplied is more than quantity demanded (excess supply)

a product that is the same no matter who produces it

a monopoly created by the government

organized work stoppage intended to force an employer to address union demands

a market structure in which many companies sell products that are similar but not identical

a substantial drop in prices

a legal entity owned by individual stock holders

when the stock market steadily falls over a period of time

a minimum price for a good or service

requires specialized abilities and training to do tasks

the neutral third party review the case and imposes a decision that is legally binding for both sides

joining of two or more firms competing in the same market with the same good or service

requires minimal specialized skill and education

the American market for over the counter stocks

believed a centralized banking system was necessary

offer checking services, accept deposits, and make loans

merging of more than three businesses that make unrelated products

money made when an investor sells stock for more than he or she paid for it.

link buyers and sellers of stock, work for a brokerage firm

a portion of a corporation's profit paid out to stockholders quaterly

policy that during a recession or depression the government should increase spending or decrease taxes

joining of two or more firms involved in different stages of production of the same good or service.

person who developed the idea of demand-side economics, which encourages government action to increase and decrease demand and output

large corporations that produces and sells its goods and services throughout the world

originally created when members deposited funds into a general fund and then borrowed money to buy their own homes; now serves many of the same functions as a bank

neutral mediator meets with each side to try and find some solution and the decision reached is nonbinding

an organization that tries to improve working conditions, wages, and benefits for its members

money lost when an investor sells stock for less than he or she paid for it or when a company doesn't make a profit or can't pay dividends

wanted a decentralized banking system where banks were operated by the states

cooperative lending associations for particular groups (ex: state employees), usually small, specialize in home mortgages and car loans, some provide checking/saving property used to secure loan

property used to secure a loan

during times of recession and depression the Fed ______________ interest rates. (this encourages lending and discourages savings)

policy that during inflation the government should decrease spending or increase taxes

During times of inflation, the Fed _________ interest rates. (this encourages savings and discourages lending)

of the 12 Federal Reserve districts, NC belongs to this one

used to determine stock performance by either examining 30 large companies or 500 companies