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Economics Unit Vocabulary
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Gravity
These are words related to economics and from the articles by Bullik, Ariely, and Lowenstein.
Terms in this set (34)
analyze
= to examine or think about something carefully, in order to understand it. Ex. The marketing people need to ______________ the information from the surveys.
goods
= things that are made in order to be sold. When students buy books, the books are the ________________.
services
= a particular type of help or work that is provided by a business to customers. Ex. Things like classes, car repairs, and haircuts are examples of ___________________________.
distribution
= when goods are supplied to shops and companies for them to sell. The wholesaler and bookstore are part of the ___________________.
production
= the process of making or growing things to be sold. The author and publisher are part of the ________________ of the book
consumers
= people who buy or use a product. Ex. When students buy the books, the students are the ____________________.
consumption
= the amount that people use or buy. Ex. The government is trying to _____________ fuel consumption.
rational
=thoughts or decisions based on reasons rather than emotions. Ex. Traditional economics assumes that people make _____________ decisions.
irrational
= not based on clear thought or reason. Ex. Their decision was _____________.
predictably
= when you know what will happen or what they will do. Ex. The title of Ariely's book is "_____________ Irrational."
surplus
= an amount of something that is more than what is needed or used. Ex. There was a ____________ of books, so the bookstore sent some back to the company.
demand
= the need or desire that people have for particular goods and services. Ex. If many students want a book, it is in ________________.
scarcity
= a situation in which there is not enough of something. Ex. If there are more students than there are textbooks, the _________________ could increase the price
profit
= money that you gain by selling things or doing business, after your costs have been paid. Ex. It cost $5 to make the item, and they sold it for $12 so they made a $7 _____________.
maximize
= make as big as possible. Ex. Most companies try to _____________ profits.
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Verified questions
VOCABULARY
From the list below, supply the words needed to complete the paragraph. Some words will not be used. evoke, inane, expatriate, sere, heinous, enhance, frowzy, postulate. Jerry squinted and ran his hand through his _____ mop of hair. The Pacific sun was already high in the sky, and he had a lot of work to accomplish before his guests arrived that evening. Originally from a Minnesota dairy, Jerry had lived on the tiny Micronesian island for over sixteen years. He never really considered himself to be a[n] _____, but then again, he didn't plan to return to the United States, either. Thinking that it might be a good idea to _____ his front yard before his visitors arrived, Jerry grabbed a machete and walked to the coconut grove in front of his shack. Huffing, Jerry chopped at the _____, withered fronds hanging against the trunks of the palm trees. When he finished cutting the fronds, he gathered the stray coconuts-some months old-and piled them in the corner of his yard. The yard looked sharp, even with Jerry's dilapidated shack in the background. As a bonus, Jerry decided to place two rows of tiki-torches along the path to the shack. Jerry thought that such trinkets were _____, but he wanted his two nieces from Cleveland to get the total island experience.
VOCABULARY
The author of the second passage probably uses the simile in line 3 to A. convey the author's dislike of savages. B. imply that savages are employed as plant workers. C. describe the way in which the smoke drifts. D. contradict the industrial setting with primitive imagery. E. suggest that Coketown is a colony of England.
VOCABULARY
Write a short letter requesting information on one of the following topics. Be sure to use proper business-letter format. information on a local service program you’d like to join, information on the different guitar models a company sells, information on how to obtain tickets to a sporting event, information on which breeds of dogs would make appropriate pets for your family.
VOCABULARY
In paragraph 7, the author lists the known quantities of satellites for Jupiter and Saturn with the purpose of A. increasing the likelihood that the new planets will have satellites. B. providing the audience with statistics to support the theory. C. describing how Jupiter and Saturn are unlike the discovered planets. D. providing an example that supports the new planets' having satellites, E. emphasizing the argument for space exploration.
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