Civics Goal 7 Quiz
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Created by:
jeanpaulacruz on November 4, 2010
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53 terms
Terms | Definitions |
|---|---|
 Capital | factor of production used by labor in making products |
| Economics | the study of how people seek to satisfy their needs and wants by making choices |
| Entrepreneurship | the process of starting, organizing, managing, and assuming the responsibility for a business |
| Factors of Production | What must be combined to produce goods and serives |
| Four Basic Economic Questions | What to produce, how to produce, how much to produce, and for whom to produce |
| Labor | Any form of human effort exerted in production |
| Land/Natural Resources | Productive resources that are provided by nature |
| Need | A basic requirement for survival |
| Want | A way of expressing or communicating a need |
| Consumer | a person who uses goods or services |
| Goods | tangible products that we use to satisfy our wants and needs |
| Opportunity Cost | The next best option that you didn't get. The one you gave up |
| Producer | someone who manufactures something |
| Wages/Salary | money earned for doing work |
| Services | Intangible things that satisfy human wants and needs |
| Fixed Costs | The costs or expenses that are the same no matter how many units of a good are produced |
| Incentives | Encourages you to purchase a good or service |
| Total Costs | Fixed Costs + Variable |
| Tradeoffs | Meaning that to achieve one we must sacrifice another. |
| Variable Costs | change generally depends on output |
| Assembly Line | Production method that breaks down a complex job into a series of smaller tasks |
| Automation | the use of machinery in place of human labor |
| Blue Collar | Worker who do jobs that involve manual labor |
| Human Capital | Skills, training, and knowledge of workers |
| Innovation | Invention and technological advances that increase economic activity |
| Mass Production | process of making large quantities of a product quickly and cheaply |
| Production | the creation of value or wealth by producing goods and services |
| Skilled Workers | a trained worker who has special skills for a job |
| Specialization | the development of skills in a specific kind of work |
| Unskilled Workers | general worker who can perform any job that requires no special knowledge or skill |
| White Collar | Workers who typically work for management in offices |
| Capital Goods | productive resources consisting of human-made materials needed to produce goods and services (including buildings, machinery, equipment and tools) |
| Consumer Goods | goods (as food or clothing) intended for direct use or consumption |
| Human Resources | People who work to produce goods and services |
| Law of Diminishing Return | Economic Law that at some point increasing one factor of production only will decrease productivity |
| Produces Price Index (PPI) | Monthly report on the costs of production to procedures |
| Productive Resources | Resources that can be used to produce other things. |
| Capitalism | Economic system in which businesses are privately owned and operated for profit and where free markets coordinate most economic activity |
| Command Economy | An economic system in which the government controls production. |
| Communism | political system in which the government owns and operates all factors of production |
| Communist Manifesto | Written by Karl Marx and Friedrich Engels, arguing that the economy would be fair only if workers controlled production |
| Deficit Spending | when a government spends more money than it takes in |
| Fiscal Policy | Changes in government spending or tax policy in response to a period of high unemployment |
| Free Enterprise | economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference |
| Invisible Hand | Concept in a market economy where individuals are allowed to pursue their own self-interests w/out interference by government, the actions would do what is best for society |
| Laissez-faire | policy based on the idea that government should play as small a role as possible in the economy |
| Market | the world of commercial activity where goods and services are bought and sold |
| Market Economy | Questions are answered by households and business through a system of freely operating markets |
| Mixed Economy | Has characteristics of both a command and a market economy |
| Profit Motive | the drive for people to make money |
| Socialism | Government owns utilities and major businesses but permits private ownership of some business |
| The Keynesian Theory | government sponsered programs should increase jobs and stimulate business activity. |
| Wealth of Nations | Adam Smith's book that argued that the market should regulate itself. |
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