Category: Economics

37. free-enterprise system: capitalist/market economy

38. economic freedom: allowed to choose what you

buy and how to earn money

39. income: money you make

40. voluntary exchange: buyers and sellers freely and

willingly engaging in market activity

41. private property rights: we can own and control

land

42. profit: actual money made

43. profit motive: wanting to get more money

44. entrepreneur: a person who starts a business

45. risk: the chance of losing something

46. benefits: things that help you

47. consumer sovereignty: buyers’ power (kings)

48. intervene: take over

49. mixed economy: people can spend and work

freely with some government control (U.S.A.)

50. consumers: the buyers

https://quizlet.com/_669kgj

 

21. freedom الحرية: able to choose
22. equity حقوق الملكية: equality, fair
23. minimum wage الحد الأدنى للأجور: the least money an employer can legally pay
24. protection الحماية: security
25. Social Security الضمان الاجتماعي: program that takes care of retired workers and people with disabilities
26. employment العمالة: jobs
27. inflation: rise in prices of goods
28. fixed income الإيرادات الثابتة: income that does not increase as prices go up
29. fluid: changing constantly
30. stability الاستقرار: not changing, normal
31. economic growth النمو الاقتصادي: allows people to have more goods and services
32. policy السياسة العامة: a rule
33. conflicting متضاربة: fighting,arguing
34. resolved حل: fixed, ended
35. choice الاختيار: option
36. restriction التقييد: not allowed, prohibited

Econ Chapter 2.1 Vocab

1. Economic System: how a nation uses its resources to satisfy its people’s needs and wants.

2. Society: a group of people in an area

3. Traditional Economy: use of scarce resources are

based on customs, ritual, or habits

4. Advantages: something good/positive/helpful

5. Disadvantage: bad/negative/hurts

6. stagnation: not changing

7. Command Economy: central authority (government) makes all major economic decisions

8. restricts: stops

9. bureaucracy: government does everything

10. Market Economy: the people make their own decisions for their best interests

11. Market: place where buyers and sellers exchange goods

and services

12. Capitalism: where citizens own the factors of

production and decide their use (private businesses)

13. inability: not able to do something

14. competition: trying to make more money than others

15. Mixed Economy: economy with a combination of

traditional, command, and market economies

16. Socialism: Mixed system where the government owns

some factors of production and also provides for its

people’s basic needs

17. Communism: all production owned by the government

18. strict: demanding

19. collectively: working together

20. inefficient: wasting time, failing to produce

https://quizlet.com/_5y6s0n

43. Economists: person that studies economic systems
44. choices: options, alternatives
45. trade-off: a different option for something
46. expertise: something you’re great at
47. opportunity cost: the cost of the 2nd best alternative use of money, time, or resources.

48. maximum: most
49. Production Possibilities Frontier (PPF): a graph that represents the maximum amount of goods and/or services an economy can produce when using all its good resources.

50. output: products that are made
51. economic model: an easier way to read using graphs, charts, or drawings.

52. constant: always
53. solution: answer to a problem
54. free enterprise economy: economic system where private businesses have freedom to work for profit with limited government interference (like U.S.A.)

55. profit: the extra money that you make
56. standard of living: quality of life

Vocab is HUGE in Economics!  You need to constantly practice reading, writing, speaking, and hearing them.  Use them in example sentences.  Translate as you need!

If you have not done so already, sign up for my REMIND app.

Code is 81010

@mrbiggars

23. command: a want
24. good: a product that is useful, kind of scarce, and transferable to others
25. consumer goods: goods intended for final use by people
26. consumers: people who use or consume goods to satisfy their wants and needs
27. durable good: lasts for at least 3 years
28. nondurable good: lasts fewer than 3 years
29. service: work/labor performed by someone
30. value: worth in terms of dollars
31. market: place where buyers and sellers exchange
32. monetary: having to do with money
33. paradox of value: contradiction between essential items and nonessential items
34. utility: useful and provide satisfaction
35. exchange: a trade
36. wealth: having a lot of money
37. funds: money
38. economic growth: increase in a nation’s total output of goods and services over time.
39. productivity: how well something does or sells
40. specialization: to focus and be good at one thing
41. human capital: the sum of people’s skills, health, knowledge, and motivation
42. economic interdependence: when 2 or more businesses or countries need each other to make money

https://quizlet.com/_5y6s0n

Economics Vocab — Chapter 1.1

1. economics: dealing with more wants and less resources

2. scarcity: little or few resources

3. need: required for basic survival

4. want: something we like but don’t need

5. land: natural places

6. capital: tools, equipment, and factories used to produce goods

7. labor: work/production

8. entrepreneur: someone who starts a business

9. Gross Domestic Product (GDP):dollar value of a country’s goods and services within 1 year

10. community: area or group of people

11. satisfied: happy with what you have

12. resource: something that’s available for use

13. produce: to make

14. equipment: helps do work

15. skills: abilities/what you can do

16. economy: the way money is made and used

17. employee: a person who works for money

18. employer: the business who hires workers

19. analysis: a deep study of something

20. explanation: to teach or make known

21. prediction: to think ahead

22. income: money that is made by a person

Mak Zuckerberg Billionaires Presentation

Billionaires Research Project

Attached above are the guidelines and example for the Billionaires’ project presentation.  We will have this week to research and create your project and will present on Monday!