Career Management - Connecting Economics and Work
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Created by:
reneegorby on April 26, 2011
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Description:
Chapter 15 - Preparing for Career Success
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18 terms
Terms | Definitions |
|---|---|
 comparative advantage | the ability of a producer to provide a good or service at a lower opportunity cost than other producers |
| competition | striving against others to win something |
| consumer | a person or group that buys or uses goods or services to satisfy personal needs and wants |
| demand | the willingness of consumers to buy goods or services at a certain price in the marketplace |
| economics | the name of the social science concerned with the way a society uses its productive resources to fulfill the needs and wants of each member |
| economic system | the method a society uses to determine how it will use and distribute available resources |
| Federal Reserve System | a network of 12 regional banks that regulates banking in the United States |
| free enterprise system | economic system in whichpeople can own the means of production, use these means as they see fit, and freely create and operate businesses |
| gross domestic product (GDP) | total value of goods and services that a nation produces for the marketplace during a specific period of time |
| industrial products | goods produced for and sold to others |
| limited resources | natural resources, labor, capital, and management |
| market | a group of people or organizations that purchase a particular good or service |
| opportunity cost | resources or benifits given up by the business to produce a product |
| profit | money that is left over after all expenses are paid |
| scarcity | when people have limited resources compared to their wants |
| services | tasks that others or machines perform that can not be physically weighed or meaasured |
| supply | the willingness of producers to produce and sell goods or services at a certain price in the marketplace |
| technology | the science of mechanical and industrial arts. |
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