Denton ISD
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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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