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REGULAR ECONOMICS VOCABULARY

Chapter 1

1. Scarcity

2. Economics

3. Need

4. Want

5. Factors of Production

6. Land

7. Labor

8. Capital

9. Labor

10. Financial capital

11. Entrepreneur

12. Production

13. Gross Domestic Product (GDP)

14. Economic product

15. Good

16. Consumer good

17. Capital good

18. Service

19. Value

20. Paradox of value

21. Utility

22. Wealth

23. Market

24. Factor market

25. Product market

26. Economic growth

27. Productivity

28. Division of labor

29. Specialization

30. Human capital

31. Economic interdependence

32. Opportunity cost

33. Production possibilities frontier

34. Free enterprise economy

35. Standard of living

36. Cost-benefit analysis

Chapter 2

1. Economic system

2. Traditional economy

3. Command economy

4. Market economy

5. Social security

6. Inflation

7. Fixed income

8. Capitalism

9. Free enterprise

10. Voluntary exchange

11. Private property rights

12. Profit

13. Profit motive

14. Competition

15. Consumer sovereignty

16. Mixed economy

17. Modified private enterprise economy

Chapter 3

1. Sole proprietorship

2. Unlimited liability

3. Inventory

4. Limited life

5. Partnership

6. Limited partnership

7. Bankruptcy

8. Corporation

9. Charter

10. Stock

11. Stockholder/shareholder

12. Dividend

13. Bond

14. Principal interest

15. Double taxation

16. Merger

17. Net income

18. Depreciation

19. Cash flow

20. Horizontal merger

21. Vertical merger

22. Conglomerate

23. Multinational

24. Non-profit organization

25. Cooperative

26. Credit union

27. Labor union

28. Collective bargaining

29. Professional association

30. Chamber of Commerce

31. Better Business Bureau

32. Public utility

Chapter 4

1. Demand

2. Microeconomics

3. Demand Schedule

4. Demand curve

5. Law of Demand

6. Market Demand Curve

7. Marginal utility

8. Diminishing Marginal utility

9. Change in quantity demanded

10. Change in demand

11. Substitutes

12. Complements

13. Elasticity

14. Inelastic

15. Unit elastic

Chapter 5

1. Supply

2. Law of supply

3. Supply schedule

4. Supply curve

5. Quantity supplied

6. Change in quantity supplied

7. Subsidy

8. Law of Variable Proportions

9. Long run

10. Short run

11. Fixed cost

12. Variable cost

13. Total cost

14. Marginal cost

15. Depreciation

16. overhead

Chapter 6

1. Price

2. Rationing

3. Ration coupon

4. Rebate

5. Economic model

6. Market equilibrium

7. Surplus

8. Shortage

9. Equilibrium price

10. Price ceiling

11. Minimum wage

12. Price floor

13. Target price

14. Nonrecourse loan

15. Deficiency payment

Chapter 7

1. Laissez=faire

2. Market structure

3. Monopoly

4. Oligopoly

5. Monopolistic Competition

6. Perfect competition (pure competition)

7. Market failure

8. Externality

9. Negative externally

10. Positive externally

11. Public goods

12. Trust

13. Price discrimination

14. Cease and desist order

15. Public disclosure

Chapter 8

1. Macroeconomics

2. Civilian labor force

3. Craft union

4. Trade union

5. Industrial union

6. Strike picket

7. Boycott

8. Lockout

9. Great Depression

10. Right-to work law

11. Independent unions

12. Closed shop

13. Union shop

14. Modified shop

15. Agency shop

16. Mediation

17. Arbitration

18. Fact finding

19. Injunction

20. Seizure

21. Unskilled labor

22. Semiskilled labor

23. Skilled labor

24. Professional labor

25. Noncompeting labor grades

26. Wage rate

27. Traditional theory of wages determination

28. Equilibrium wage rate

29. Labor mobility

30. Seniority

31. Giveback

32. Glass ceiling

33. Comparable worth

34. Set-aside contract

35. Part-time worker

36. Minimum wage

37. Current dollars

38. Real or constant dollars

39. Base year

Chapter 9

1. Sin tax

2. Incidence of tax

3. Tax loophole

4. Individual income tax

5. Sales tax

6. Benefit principle of taxation

7. Ability-to-pay-principle

8. Proportional tax

9. Progressive tax

10. Regressive tax

11. Marginal tax rate

12. Internal Revenue Service (IRS)

13. Tax return

14. Indexing

15. FiCA

16. Medicare

17. Corporate income tax

18. Excise tax

19. Luxury tax good

20. Estate tax

21. Gift tax

22. Customs Duty

23. User fee

24. Property tax

25. Tax assessor

26. Payroll withholding statements

27. Surcharge

28. Capital gain

29. Value added tax (VAT)

Chapter 10

1. Public sector

2. Private sector

3. Transfer payment

4. Grant-in-aid

5. Federal budget

6. Discretionary spending

7. Fiscal year

8. Federal budget surplus

9. Federal budget deficit

10. Medicaid

11. Balanced budget amendment

12. Deficit spending

13. Federal debt

14. Balanced budget

15. Crowding –out

16. Entitlement

Chapter 11

1. Barter economy

2. Money

3. Medium of exchange

4. Measure of value

5. Store of value

6. Commodity money

7. Fiat money

8. Specie

9. Monetary unit

10. Legal tender

11. United States note

12. Gold certificate

13. Silver certificate

14. Gold standard

15. Federal Reserve Bank

16. Central bank

17. Federal Reserve Note

18. Run-on- the bank

19. Demand deposit

Chapter 13 (short lesson for you)

1. Gross Domestic Product (GDP)

2. Intermediate products

3. Secondhand sales

4. Underground economy

5. Gross National Product

Chapter 14

1. Business cycle

2. Recession

3. Peak

4. Trough

5. Expansion

6. Depression

7. Unemployment

8. Unemployment rate

9. Frictional unemployment

10. Structural unemployment

11. Cyclical unemployment

12. Seasonal unemployment

13. Price level

14. Deflation

15. Creeping inflation

16. Galloping inflation

17. Hyperinflation

Chapter 15

1. Member banks

2. Currency

3. Coins

4. Monetary policy

5. Fractional reserve system

6. Legal reserves

7. Reserve requirement

8. Excess reserves

9. Liabilities

10. Assets

11. Balance sheet

12. Net worth

13. Liquidity

14. Saving account

15. Time deposit

16. Easy money policy

17. Tight money policy

18. Open market operation (OMO)

19. Discount rate

20. Federal Funds Rate

21. Margin requirement

22. Moral suasion

23. Prime rate

Chapter 16

1.Stagflation

2. Misery (discomfort) index

3. Aggregate supply

4. Aggregate demand

5. Fiscal policy

6. Keynesian economics

7. Laffer curve

8. Demand-side economics

9. Supply-side economics

10. Unemployment insurance

Chapter 17

1. Exports

2. Imports

3. Absolute advantage

4. Comparative advantage

5. Tariff

6. Quota

7. Protective tariff

8. Dumping

9. Protectionists

10. Free traders

11. Infant industries

12. Most favored nation clause

13. World Trade Organization (WTO)

14. North American Free Trade Agreement (NAFTA)

15. Foreign exchange

16. Fixed exchange

17. Trade deficit

18. Trade surplus

19. European Union

20. Euro

Chapter 18

1. Capitalism

2. Socialism

3. Communism

4. Five-year Plan

5. Collectivization

6. Collective farm

7. Karl Marx

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