Schumacher Economics Test 2
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Created by:
iluvesports24 on February 8, 2010
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Description:
guide for second test terms and notes (chapter 2 and chapter 3)
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51 terms
Terms | Definitions |
|---|---|
 economic system | the way in which a society decides what goods to produce, how to produce them, and for whom goods will be produced |
| free enterprise | an economic system in which individuals (not government) own most, if not all, the resources and control their use |
| socialism | an economic system in which government controls and may own many of the resources |
| economic plan | a government program specifying economic activities |
| income distribution | the way all the income earned in a country is divided among different groups of income earners |
| mixed economy | an economoy that is neither purely capitalist nor purely socialist |
| traditional economy | an economic system in which the answers to the three economic questions are based on customs, traditions, and cultural beliefs |
| vision | a sense of how the world works |
| labor theory of value | the belief that all value in produced goods is derived from labor |
| surplus value | the difference between the total value of production and the subsistence wages paid to workers |
| globalization | a phenomenon by which economic agents in any given part of the world are affected by events elsewhere in the worl; the growing integration of the national economies of the world to the degree that we may be witnessing the emergence and operation of a single world-wide economy |
| offshoring | the term used to describe work done for a company by persons other than the original company's employess in a country other than the one in which the company is located |
| private property | any good that is owned by an individual or a business |
| public property | any good that is owned by the government |
| household | an economic unit of one person or more that sells resources and buys goods and services |
| circular flow of economic activity | the economic relationship between different economic groups in an economy |
| profit | the amount of money left over after all the costs of production have been paid |
| loss | the amount of money by which total cost exceeds total revenue |
| contract | an agreement between two or more people to do something |
| ethics | the principles of conduct |
| private good | a good of which one person's consumption takes away from another person's consumption |
| excludable public good | a public good that individuals can be excluded (physically prohibited) from consuming |
| nonexcludable public good | a public good that individuals cannot be excluded (physically prohibited) from consuming |
| free rider | a person who receives the benefits of a good without paying for it |
| negative externality | an adverse side effect of an act that is felt by others |
| positive externality | a beneficial side effect of an action that is felt by others |
| public good | a good of which one person's consumption does not take away from another person's consumption |
| Scott Brown | who inspired the phrase "the scott heard round the world?" |
| Leon Canizaro | who is the district attorney |
| Jim Letter | who is the U.S. district attorney |
| John Georges | who is the mayoral candidate that is a millionaire and owns LUCKYCOIN (distributer of pinball/gambling machines) |
| ostentatious | flaunts, gaudy, over the top |
| Karl Marx | author of Das Capital and The Communist Manifesto |
| PRC | Performance Review Commitee |
| ICBM | Inter Continental Ballistic Missile |
| SEC | Securities Exchange Comissioner |
| 70 minutes | how long was Obamas state of the union address? |
| Steve Jobs | who is the head of Apple? |
| Ipad | what is the name of the new product Apple just released? |
| Tim Ryan | who is the Chancellor of UNO and used to be on the Ben Franklin Board A2E2? |
| Milgrims Experiement | An effort/experiment created to understand why people are bad |
| check kiting | writing yourself a check from one account to the other |
| maquilladora | name for little factory (in spanish) |
| NAFTA | North American Free Trade Agreement |
| ross perot | who ran for president (I) in 1992? |
| mission creep | the idea that you go in for one reason (usually military force) and is diverted into another reason that was not planned for |
| mud slinging | the term used for when you keep saying bad things about your opponent |
| tax assesor | a government official taxed with the job of determing the fair market value of your home |
| upside down | when you owe more money on your house than what it is worth |
| umbrage | to take offense |
| remunaration | having to do with compensation |
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