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economis eoct review

Buyer
This is the person or persons who purchase a good or service.
Capital
This is equipment and factories used in the production of goods and services.
one of the four factors of production
Capital Good
A tool or equipment used to produce other goods.
Example: a printing press, a lathe, a blast furnace
Capitalism
This is an economic system where the factors of production are privately owned.
Example: sometimes called a market economy
Command Economy
This is the general name for an economic system characterized by a central authority which makes major economic decisions.
Example: the former Soviet Union had this kind of economy, another term for communism
Competition
In economics, this is a rivalry that may refer to rivalry among firms, or individuals, or the race to control resources.
Example: It is a major factor in capitalism.
Consumer
one who buys goods or services for personal use
Example: these are the people who create demand for products
Consumer Empowerment
This term is an economic and legal concept that buyers should have access to a full range of resources to make informed economic decisions.
Example: Consumer protection laws, protection agencies, and government regulations can contribute to buyers feeling secure in their economic choices.
Consumer Good
This the term for a finished product used by an individual for personal use.
Example: a toothbrush, socks, a book ; products which are not used to produce other things
Consumer Protection Laws
This term is an economic and legal concept that governments should use regulations to ensure the rights of buyers.
Example: The Consumer Product Safety Act, Federal Trade Commission Act, and Pure Food and Drug Act are examples in the US.
Consumer Sovereignty
In a market economy, this is the role of the customer as the ruler of the market; the customer decides what goods and services will be produced.
Example: In a market economy, the customer is “king.”
Copyright
This is a legally granted exclusive right to produce a literary, musical, or artistic work for a given period of time.
Deregulation
This is the process of reducing or eliminating government regulations on an industry, allowing for more laissez-faire business practices. This has been a major issue in the airline, automobile, and power industries since the 1980s.
Disposable Income
This is the economic term that refers to one’s total income that is left following the payment of all required taxes.
Division Of Labor
This is the process of separating the tasks in the the process of production and assigning different tasks to different workers.
Example: found on an assembly line; one way to make production more efficient
Economic Growth
This is the increase in the value of the goods and services produced by an economy.
Economic System
This is the way in which a society deals with the production, distribution and consumption of goods and services.
Example: Market Economy, Mixed Economy, Planned Economy, etc.
Eminent Domain
This is the right of the government to take private property, like land, for public use.
Example: The Fifth Amendment protects property rights by limiting this.
Entrepreneur
This is a person who takes the risk of a new business enterprise.
Example: one of the four factors of production; Bill Gates is one; Ted Turner is one
Factors Of Production
Land, labor, capital, and entrepreneurship.
Example: those things necessary to produce goods and services
Government Regulation
This refers to rules established at some level of government for the purpose of guiding business practices. Although it is commonly accepted that some guiding rules are benefitial to encourage competition and promote the public good, it is also commonly accepted that it may increase the cost of doing business.
Example: Due to stricter government regulation, our air quality has improved.
gross Domestic Product
The total value of all the goods and services produced within a country in a given year
Example: one way to measure the economic growth or decline of a nation
Harmful Spillover
This phrase refers to the impact of economic activity upon people who are not directly involved. This phrase describes when the impact is negative.
Helpful Spillover
This phrase refers to the impact of economic activity upon people who are not directly involved. This phrase occurs when that impact is positive.
Incentive
Any factor, usually financial, to influence one choice over another by an individual or business
Example: The company offered the employee a $5000 signing bonus to work for the company.
Investment
Although it has many definitions, this is generally the act of putting aside money or deferring compensation for future profit or benefit.
Example: Stock market Mutual funds
Labor
This is one of the main factors of production. It is the measure of the work done by people.
Example: A maid who cleans hotel rooms, a plumber who fixes a leaky faucet.
Land
This is one of factors of production (productive resource), referring to anything that is taken from the earth during the production of a good or service.
Marginal Benefit
This is an additional or extra benefit associated with an action.
Example: This is used in a cost-benefit analysis.
Marginal Cost
This is the change in the total cost of an item that occurs when the quantity produced changes by one unit.
Market Economy
This is an economy in which the government has little to say about what, how, and for whom goods are produced; the factors of production are privately owned
Example: another term for a capitalist system
This is an economic system based on voluntary exchange between buyers and sellers.
Medicaid
This is a health program sponsored by the United States Government that provides services to individuals and families with low incomes.
Medicare
Created in 1966, this is the US publicly funded health insurance program for the elderly and the disabled.
Mixed Economy
This is the name given to an economy that may contain market, command, and/or traditional economic systems.
Natural Resources
These are types of resources that are found on or in the earth and are used in the production of goods and services.
Example: wood, oil, water, coal
Need
In economic terms, this is something a person MUST have in order to survive, as opposed to something a person might simply desire.
Example: The opposite of a “want.”
Nonrenewable Resources
These are materials found in nature that are used in the production of goods and services but whose supply is limited and finite.
Example: oil, coal, natural gas, nuclear material
Opportunity Cost
This is the value lost when one alternative is chosen over another.
Example: the result of a trade-off; what you did not choose
Patent
This is a legally granted exclusive right to produce a product a process for a given period of time, usually to the inventor of that product or process.
Production Possibilities Frontier
This is a diagram showing the maximum amount of goods and/or services an economy can produce.
Example: when production falls below this line resources are not being used at full efficiency
Productivity
This is the amount of goods or services produced per input used.
Profit Motive
In a market economy, this is the driving force that encourages individuals and organizations to improve their material well-being.
Example: For example, entrepreneurs establish businesses to make money.
Property
This tax is locally assessed, varies according to the worth of land and goods on it, and generally funds things like public schools.
Public Housing
This is the name given to homes and apartments that are managed by federal, state, and/or local government agencies in order to assist low-income families in finding a place to live.
Public Services
This is the primary use of tax revenue in many states, examples include schools, roads, fire-fighters and law enforcement officers.
Example: They are provided by the government for the good of the community, but they are funded through tax revenue.
Regulation
These are the legal restrictions set forth by a government to produce desired outcomes.
Example: anti-monopoly laws are put in place to eliminate the risk of high prices and total control
Renewable Resources
These are materials found in nature that are used in the production of goods and services and that are replenished on a consistent basis.
Example: wood, water, sunlight
Resources
These are the factors of production used in the making of goods and services.
Example: Land or natural, labor, capital, enterprise
Scarcity
This is when resources are limited and the need for a good or service is higher for a society than what is produced
Example: Finding a nice house during a seller’s market.
Social Security
This is a federal government program that provides income support to people who are unemployed, disabled, or over the age of 65.
Example: It began with an Act by FDR
Sovereignty
The notion of consumer __________ is that, in a market economy, the consumer’s activities determine what is produced.
Specialization
This is when each worker performs a specific task in production.
Example: a result of division of labor
Standard Of Living
This is the term used to describe the general way in which people live, focusing primarily on things like average income, health care availability, life expectancy, educational attainment, etc.
Trade Off
This is an economic situation related to opportunity cost in which one thing is given up in order to do something else.
Variable Cost
This is the expense for a good or product that changes in proportion to the activity of the company
Example: A wholesale club may purchase toilet paper in larger quantities to reduce the final price.
Voluntary Exchange
This is the act of buyers and sellers freely and willingly engaging in market transactions.
Example: It is also a characteristic of a market economy.

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