activities that can satisfy people's wants or needs

SHERMAN ANTITRUST ACT

the federal law passed by Congress in 1890 prohibiting monopolies or conspiracies to monopolize

the situation resulting when the quantity demanded exceeds the quantity supplied of a good, service or resource

paper currency printed and distributed by the US government the value of which was established and backed by some agreed upon quantity of silver that the government had in storage; Silver certificates are no longer issued.

interest paid only on the amount deposited in a savings account but not on the interest earned by the account; Often this interest payment is paid out to the depositor and not held in the account. see compound interest

those goods and services that cannot be provided to one person without others benefiting; usually provided by government; see public goods and services. Example: Streetlights, if provided for you, will also benefit your neighbors.

a tax deducted from gross income for the purpose of contributing to social security benefits

SOCIAL SECURITY PROGRAM

established in 1935 by Congress; consists of two parts: 1. a tax paid by the employer and employee on a limited amount of annual wages earned in employment specified by the law to be used upon retirement or disability; 2. a benefit program for retirees, the disabled, widows, orphans, etc. that is not entirely dependent upon whether any tax was paid by the beneficiary

an economic system in which much or most of the means of production are owned and controlled by the government; The economic questions, What, How and For Whom, are answered by a central planning system.

1. dividing work among people so that each person does one job or task; concentrating on a job that one does well; Example: In a primitive society the slow, patient person might specialize in farming and the active, aggressive person in hunting. Not only have the two people specialized in jobs for which they are well suited, but as time goes by, they should each become more productive as they concentrate on that one skill (“Practice makes perfect”). see division of labor 2. may be geographical in nature (grow oranges in Florida and wild rice in Minnesota) requiring the exchange of products; Specialization leads to greater efficiency and productivity but also increases dependence upon others and interdependence.

a period in which the economy is experiencing both high unemployment and high inflation

the per capita level of production of goods and services achieved in an economy; computed by dividing the GDP by the population

government of a state; Example: the government of the State of Florida; see government

share of ownership in a corporation; Corporations sell stock to acquire funds to operate or expand the organization. The two types are common and preferred.

a piece of paper that represents partial ownership of a corporation

marketplace where stocks are bought and sold

action used by labor and labor unions in which workers voluntarily stop working to bring pressure on their employers to meet their demands.

1. government aid to individuals, businesses or other groups, usually dependent upon their meeting certain conditions for eligibility; 2. government payments to support some specific economic activity

one in which the standard of living is just equal to that needed to satisfy basic needs

goods that are substitutes for each other in satisfying human wants or needs; Example: Coca-Cola and Pepsi. NOTE: Whether or not goods or services are substitutes for each other depends upon individual tastes and values. Margarine and butter are substitutes for some people, but not for everyone—certain professional chefs for example.

a resource that takes the place of another resource when the latter is unavailable or becomes too expensive

the act of using one good or resource in place of another to satisfy human wants or needs; may occur when the price of one good or resource rises due to scarcity

1. one who offers a supply of a good or service (producer) 2. one who offers a supply of a resource

a schedule of how much producers are willing and able to produce and sell at all possible prices during some time period; the quantities of goods or services that producers are willing and able to provide at a particular time at all relevant prices; usually expressed as a table (called the supply schedule) or as a graph (called the supply curve) of quantities of a good or service supplied at different prices. NOTE: Economists differentiate between supply and quantity supplied. Supply is based upon the cost of factors of production, level of technology and the number of suppliers in the market. A change in any of these will cause a shift in the supply curve, so that at each price a greater (or lesser) quantity will be supplied (than was true before). As prices change, you move along the supply curve to a greater (or lesser) quantity supplied. Supply is the whole curve; quantity supplied is one point on that curve, associated with a particular price.

the situation resulting when the quantity supplied exceeds the quantity demanded of a good, service or resource; usually occurs when, for some reason, the price is above the equilibrium price in the market

1. in international trade, a customs duty or tax imposed as goods enter or leave the country; 2. in transportation or shipping, the specified charge for shipping goods between stations or ports

required payments of money collected from households and businesses by the government to provide public goods or services; Examples: sales tax, income tax

the amount of money received by government as a result of imposing taxes

the two main principles of taxation: 1. The ability to pay principle states that the tax payments should be related to the individual’s ability to pay. 2. The benefit principle states that tax payments should be related to the benefits received from government services.

the scientific and mechanical skill and knowledge used in producing goods and services

TECHNOLOGICAL ADVANCES

increases in technology of mechanical and scientific knowledge and skill in producing goods and services

an employee of a bank or savings and loan whose job it is to take deposits of bank clients or to pay out when the client makes a withdrawal from his account

a deposit into a savings account

small gifts of money given in return for a service; originally, an acronym for “To Insure Promptness”

the legal ownership of an asset

the sum of all relevant costs of production, implicit and explicit, including a normal profit; see normal profit

the purchase, sale or exchange of goods and services

any aspect of government policy that inhibits the free exchange of goods and services between nations

giving up one thing to get another

Ateam - Economics Terms

Student preview

59 questions

Show all answers

1.

FLASHCARD QUESTION

Front

SCARCE RESOURCES

Back

resources (used to produce goods and services) that are short in supply, relative to unlimited human wants

2.

FLASHCARD QUESTION

Front

SCARCITY

Back

the condition of not being able to have all the goods and services that one wants

3.

FLASHCARD QUESTION

Front

SCARCITY PROBLEM

Back

Because resources are limited, relative to human wants and needs, we have to make choices. Example: Shall we use our limited supply of oil for gasoline (transportation) or for producing heat for homes and power for factories?

4.

FLASHCARD QUESTION

Front

SEASONAL FLUCTUATIONS

Back

regular and predictable variations in the level of some economic activity over the period of a year; also called seasonal variations; Example: Youth unemployment is seasonally high during the summer.

5.

FLASHCARD QUESTION

Front

SECURITIES

Back

stocks and bonds collectively

6.

FLASHCARD QUESTION

Front

SELLING PRICE

Back

the price asked for and paid for a good or service in the market

7.

FLASHCARD QUESTION

Front

SERVICE CHARGE

Back

an additional cost or fee for the privilege of purchasing a good or service on credit; see minimum balance

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