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Economics Chapter 3
N/A
12
Economics
12th Grade
02/04/2014

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Term
Utility
Definition
How useful something is to consumers
Term
Self Sufficiency
Definition
When trade exists sole within a single community and everyone can provide for/ acquire their needs and wants within that economy
Term
Interdependence
Definition
when there is trade between two or more different economic communities
Term
Full employment
Definition
having a consistent job with consistent pay
Term
Price stability
Definition
the value of money doesn't fluctuate
Term
Standard of living
Definition
how well satisfied people's wants and needs are
Term
freedom
Definition
the ability to make own decisions
Term
efficiency
Definition
using resources to their full advantage
Term
equity
Definition
building value through investment
Term
security
Definition
assurance that you will never lose all your wealth with no back-up plan
Term
stability
Definition
the assurance that you will never lose the ability to work and get paid
Term
growth
Definition
the ability to get better at economic achievement
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