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Chapter 1 Vocabulary
Economics An Introduction to Traditional and Progressive Views
14
Economics
Undergraduate 1
08/24/2012

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Term
Natural Selection
Definition
Nature selects from the existing individuals the ones best suited for survival under particular conditions. Eventually, this type of individual has the highest reproduction rate, and over a long period of time that fact leads to changes in the species.
Term
Prehistoric
Definition
Before written history.
Term
Institutions
Definition
Sets of customs, laws, and norms that influence, enable, or constrain human behavior.
Term
Technology
Definition
The way that human beings produce goods and services, based on the knowledge of how to do things, the available skills of the labor force or workers, the amount of production by each type of present equipment, and the quality of land an natural resources available.
Term
Economy
Definition
The process through which a society provisions itself with the goods and services that it needs to survive and grow.
Term
Economic Institutions
Definition
Sets of relations between people doing economic activities and the ways that people interact in the economy.
Term
Communal Societies
Definition
Family based collective societies, where everyone worked together and consumed the product.
Term
Social Institutions
Definition
All the non-economic ways that people interact, such as the political process, the family, or religious organizations.
Term
Ideology
Definition
A more or less coherent system of ideas about how society works and how we should behave within a given society.
Term
What are the 4 features society? What were they in early society?
Definition
Technology - Earliest stone tools, hunting/gathering.
Economic Institutions - Common ownership by extended family.
Social Institutions - Group consensus.
Ideology - Community togetherness and equality.
Term
Productivity
Definition
The amount of output produced by each input.
Term
Direct Democracy
Definition
Government by the entire population usually through elected representatives.
Term
Sexist Discrimination
Definition
Differential treatment of people based on prejudices or myths about their gender.
Term
Racist Discrimination
Definition
Differential treatment of people based on prejudices or myths about differences in physical characteristics or ethnicity.
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