Category: Economics

15. transactions: the action of buying and selling
16. equilibrium price: when the number of units produced equals the number of products sold
17. surplus: too much of an item (higher quantity than demand)
18. shortage: too little of an item (less quality than demand)
19. predict: to guess the future based on what you already know
20. increase: go up
21. decrease: go down
22. natural disaster: a very dangerous Earth event (tornado, earthquake, etc.)
23. fluctuate: to change; fluid
24. efficiently: to work well without wasting time and energy
25. marketplace: what sets the prices and allows buyers and sellers to adjust

 

Here is Econ Chapter 6.1 Vocab!

1. price: the value of a product determined by supply and demand
2. signals: signs, hints
3. neutral: not favoring producer or consumer
4. consumption: use of a product
5. compromises: when 2 sides agree to give up something they want to meet in the middle
6. rationing: where government decides everyone’s “fair” share
7. salary: amount of money made per year (fixed)
8. incentive: reason to do something, motivation
9. motivation: wanting to work harder and succeed
10. allocation: dividing up goods or money
11. inflation: the steady increase of prices
12. rebate: partial refund of the original price of a product
13. employees: workers
14. network: a connect group of businesses

26. Fixed Costs (FC): prices that don’t ever change الأسعار التي لا تتغير

27.Variable Costs (VC): production costs that change when the level of production changes

يكلف هذا التغيير

28. Total Costs (TC): FC + VC إجمالي التكاليف

29.Marginal Costs (MC): the EXTRA cost of producing one additional unit of output

تكاليف إضافية

30.Additional: more than before إضافي

31. E-commerce: online buying and selling اعمال تجاريه عبر الانترنت

32.Operate: how something runs/works

33.Inventory: the number of products a business has available المخزون

34. Break-even point: when TC = TR

35. Total Revenue (TR): total amount a business earns إجمالي الإيرادات

36. Marginal Revenue (MR): the EXTRA revenue from the sale of one additional unit of output إيرادات إضافية

37. Marginal Analysis (MA): decision making regarding extra costs and benefits to be gained

38. Profit maximizing: when the firm has reached its highest total profit (MC = MR)

أعلى ربح إجمالي

14. Production function: a graph that shows how a change in the amount of a single variable input changes total production

15. Various مختلف: several; many

16. Short run وقت سريع: a time so fast that only the amount of variable input can be changed

17. Labor عمل: work

18. Long run وقت طويل: a time long enough to change the amounts of all inputs

19. Total product إجمالي المنتج: total (full) production made by a company or business

20. Marginal product: extra production due to more help/work إنتاج إضافي بسبب مساعدة إضافية

21. Firm عمل واحد: a business that sells stuff for profit

22. Stages of production (3): helps a firm decide how many workers to hire and for how long

23. Rate سرعة: speed something is made or done

24. Contribution مساعدة: help

25. Diminishing returns: making less products than before صنع منتجات أقل

Chapter 5 Vocab Terms

1. Supply إمدادات : the amount of a product for sale
2. Law of supply: suppliers will offer more products for sale at higher prices than at lower prices
3. Supply schedule: a table that lists the numbers of a product supplied at various prices
4. Supply curve: a graph that shows data for a single producer in a market
5. Market supply curve: shows quantities offered by ALL producers that sell the same product in a market
6. Interaction تفاعل: dealing or working with
7. Change in supply: when suppliers offer different amounts of products for sale at market prices
8. Suppliers مورد: those who make (produce) products for sale
9. Subsidy المدفوعات الحكومية: A payment by the government to encourage or protect economics
10. Regulations أنظمه: rules
11. Supply elasticity: a measure of how the quantity supplied responds to a change in price
12. Purchases مشتريات: things bought
13. Adjust ضبط: to make better, fix

https://quizlet.com/_6b0zgm

 

Here is all the vocab for chapter 4 Econ.

23. elastic: when a change in price causes a much larger change in quantity demanded
24. inelastic: when a change in price causes a small change in quantity demanded
25. unit elastic: when the % change in quantity demanded = the % change in price
26. technical مفيد: useful
27. revenue المال الحقيقي: total income from a given source or product
28. expenditures: things you pay for
29. inverse عكس: opposite; the other way
30. delayed تاخر: pushed back in time
31. hardship مشكله: a problem
32. adequate كافي: so-so, alright (a grade of C)

13. income effect: a change in quantity demanded when the consumers income changes

14. conversely: in exchange

15. substitutes: competing products that can be used in place of each other

16. change in demand: a shift of the whole demand curve to right or left

17. determinants: causes/shifters

18. consumer tastes: what buyers want, in demand

19. related: similar, alike

20. expectations: what should happen, predictions

21. refund: money returned

22. complements: products that affect each other in prices and demand

1. Microeconomics: the study of small units of factors of an economy
2. Demand اقتصاديات الطلب: wanting to buy a product
3. Demand schedule جدول الطلب: a table economists study demand
4. Quantity كمية: the amount of something
5. Demand curve: shows the quantity of a product at possible prices
6. Data البيانات: facts and numbers used to study something
7. Law of Demand: says consumers will buy more of a product at a lower price and less of a product at a higher price.
8. sum مجموع: total (like addition in math)
9. utility خدمة: being useful or making profit
10. satisfaction رضا: happy with something
11. marginal utility رضا إضافي: extra satisfaction from having 1 or more of the same product
12. diminish تخفيض: decrease, less