Term
|
Definition
| one factor of production; the human input into the production process; workers hired by a business whose efforts are directed toward production of goods and/or services in exchange for which they are paid a wage or salary; Both physical and mental effort are considered types of labor. |
|
|
Term
|
Definition
| "the total of all people over 16, working or looking for work" |
|
|
Term
|
Definition
| an association of workers who are organized to bargain collectively with employers |
|
|
Term
|
Definition
| a policy that calls for government not intervening in business or economic activities; French term literally meaning “let do” or “allow to act” |
|
|
Term
|
Definition
| "one factor of production; the natural resources available for production; includes real estate (earth) and all natural resources such as mineral deposits, water and timber" |
|
|
Term
|
Definition
| economic principle stating that the opportunity cost of additional units of a good tend to increase as the society attempts to produce more of the good |
|
|
Term
|
Definition
| person or financial institution that loans money to another |
|
|
Term
|
Definition
|
|
Term
|
Definition
| ability to convert an asset into cash easily and quickly |
|
|
Term
|
Definition
|
|
Term
|
Definition
| negative difference between cost and sale price; |
|
|
Term
|
Definition
| 1. the process of organizing and utilizing resources to produce goods and/or services; 2. the group or individual in a business that does the organizing of resources to produce goods and/or services |
|
|
Term
|
Definition
| "the skill needed to organize and utilize resources, including human resources, to produce goods and/or services; see entrepreneurship" |
|
|
Term
|
Definition
| the extra utility or satisfaction one receives from consuming one more unit of a good or service |
|
|
Term
|
Definition
| "a specified category of potential buyers; any setting where buyers and sellers exchange goods, services, resources and currencies" |
|
|
Term
|
Definition
| "the price at which the quantity that people are willing to buy is equal to the quantity sellers are willing to offer, that is, there is neither shortage nor surplus; " |
|
|
Term
|
Definition
| an economic system where most goods and services are exchanged through private transactions by private household and businesses; Buyers and sellers making exchanges in private markets determine prices. |
|
|
Term
|
Definition
| situation occurring when there is equality between quantities supplied and demanded and the price at which goods are being exchanged has no tendency to change |
|
|
Term
|
Definition
| the price at which a good or service is selling in the open market; also called market value |
|
|
Term
|
Definition
| "a method of coordinating economic activity that relies on the individual choices of competing buyers and sellers, each seeking individual gain, to allocate resources in the production and distribution of goods and services; see command economy, traditional directed economy, and capitalism" |
|
|
Term
|
Definition
| "a system where suppliers (producers) advertise, distribute and sell products to the demanders (consumers)" |
|
|
Term
|
Definition
| production of many units of a product with workers doing specialized jobs |
|
|
Term
|
Definition
| "the process of transforming productive activity from labor to capital intensive the means of communication such as radio, TV or newspapers that reach large numbers of people (plural form; singular form is medium)" |
|
|
Term
|
Definition
|
|
Term
|
Definition
| the goods that someone wants to sell |
|
|
Term
|
Definition
| "the study of the decision-making processes of individual economic units (households, businesses); seeks to explain how the three (3) basic economic questions of What?, How? and For Whom? are answered in a market system" |
|
|
Term
|
Definition
| the amount of money required to be kept in an account to avoid paying a service charge |
|
|
Term
|
Definition
| the lowest legal hourly wage |
|
|
Term
|
Definition
| the facility where coins are produced |
|
|
Term
|
Definition
| "an economy where a combination of the three basic methods of coordinating economic activity (market, command and traditional) are used; All economies are mixed to some degree. Example: The US has a free enterprise system that has some government involvement in the marketplace (command); therefore, it is a mixed economy." |
|
|
Term
|
Definition
| simplified representation of the real world; used to make predictions or to better understand reality |
|
|
Term
|
Definition
| policy aimed at controlling the rate of growth of the nation’s money supply (currency plus bank deposits) so as to promote national goals regarding the level of economic activity and prices |
|
|
Term
|
Definition
| a medium of exchange; a good that can be used to buy other goods and services or to repay debts |
|
|
Term
|
Definition
| Banks (depository institutions) create money by granting loans to businesses and individuals. These loans add new deposit dollars to the account balances of the businesses and individuals. The amount of new money banks can create is limited by the policies of the Federal Reserve System. |
|
|
Term
|
Definition
| the dollar amount of income; see real income |
|
|
Term
|
Definition
| "the amount of coins, bills and deposits in checking accounts held by the general (non-bank) public; also called M1" |
|
|
Term
|
Definition
|
|
Term
|
Definition
| "a market situation in which there are a number of competing sellers of products that are not identical but that are close substitutes; Each seller may have a “monopoly” of a particular brand name or location, but the dominating characteristic is competition." |
|
|
Term
|
Definition
| one seller; a market structure where one business or individual controls the entire supply of a good or service for which there are no close substitutes |
|
|
Term
|
Definition
| a loan secured by real estate (land or buildings) |
|
|
Term
|
Definition
| an investment trust in which groups of investors pool their money and give management discretion to invest as it sees fit |
|
|
Term
| Who is the coolest E-Team Coach at CLMS? |
|
Definition
|
|
