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ECONOMICS Final-vocabulary review

ECONOMICS Final-vocabulary review. UNIT 1 Basic Economic Concepts. The economic system where there is private ownership, consumer sovereignty, and minimal government involvement. Free-market economy. Things that excite or motivate people to change their economic behavior. Incentives.

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ECONOMICS Final-vocabulary review

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  1. ECONOMICSFinal-vocabulary review

  2. UNIT 1Basic Economic Concepts

  3. The economic system where there is private ownership, consumer sovereignty, and minimal government involvement Free-market economy

  4. Things that excite or motivate people to change their economic behavior Incentives

  5. What is given up in order to get something Opportunity cost

  6. The most common type of economic system—combining free-market and command economies Mixed-market economy

  7. Things that can be grown or manufactured, then bought or sold Goods

  8. The using (up) of goods and services Consumption

  9. A limited supply of resources in comparison to unlimited wants and needs—it forces trade-offs Scarcity

  10. Selecting an item or action from a set of alternatives Choice

  11. The degree of availability of an item or service—how much there is available to consume Supply

  12. Things required for survival—food, water, shelter, etc. Needs

  13. Provided by nature, such as raw materials, land, or air Natural resources

  14. Rivalry between producers or sellers, resulting in a better quality good/service and/or lower price Competition

  15. Effort or work of producers; labor Human resources

  16. Things consumers would like to have such as cars, TV’s, and jewelry Wants

  17. The three basic questions any society/economy must ask— 1. What will be produced (and how much)? Who will produce it? For whom will it be produced?

  18. UNIT IIThe Market Economy

  19. The quantity of a good or service that consumers are willing and able to buy at various prices Demand

  20. The quantity of a good or service that producers are willing and able to offer for sale at various prices Supply

  21. An economic law stating that as prices of a good or service increases, the quantity demanded decreases ( and vice versa). Law of Demand

  22. An economic law stating that as prices of a good or service increases, the quantity supplied increases ( and vice versa). Law of Supply

  23. A product that satisfies the same basic want as another product—Coke or Pepsi. Substitute good

  24. A product that is used or consumed jointly with another product—PB & J. Complimentary good

  25. The measure of the degree of change in quantity demanded or supplied in response to change in price. Elasticity

  26. A minimum price set by the government to prevent prices from going too low. Price floor

  27. A maximum price set by the government to prevent prices from going too high. Price ceiling

  28. What is given up by adding one more unit to an activity. Marginal cost

  29. What is gained by adding one more unit to an activity. Marginal benefit

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