Category: Economics

Reminder: Chapter 6 Vocab Test this Wednesday, 76 summative points!

Seniors: this is your final grade.  Study up!!

26. price ceiling: the highest legal price that can be charged for a product
27. price floor: the lowest legal price that can be paid for a good or service
28. minimum wage: lowest legal wage that can be paid to most workers
29. unemployed: having no job
30. income: money that is made by working
31. Great Depression: a period where Americans lost jobs and the stock market crashed in the 1920s
32. target prices: the floor for agricultural products to stabilize farm income
33. loan: money that is borrowed
34. penalty: punishment, extra money paid
35. agriculture: farming
36. crops: goods grown on farms
37. deficiency payment: cash payment that makes up the difference between the market price and the target price
38. investors: someone who spends money in order to make more money

Econ 6.2 Vocab!

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

Chapter 6 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, inspiration
9. motivation: wanting to work harder and succeed
10. allocation: dividing up goods, time, 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 connected group of businesses who work together

Chapter 5 Study Guide

Above is the study guide for the test on Thursday, May 3.  Please prepare and study.  Copies of S.G. will be given 2 days prior to the test.

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

Just a reminder that we have a BIG test in Econ this coming Monday, April 16!

To help yourself prepare for it, study your vocab from the chapter, GRN notes, and especially your Ch. 4 Study Guide.  Email me with any concerns at biggars@dearbornschools.org and I will do my best to answer your questions.  Good Luck!!

Chapter 4.3 Vocab…last ones this chapter!

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)