Mr. Biggar's Classes

New Chapter means New Vocab!

1. Economic System النظام الاقتصادي: how a nation uses its resources to satisfy its people’s needs and wants.
2. Society المجتمع: a group of people in an area
3. Traditional Economy الاقتصاد التقليدي: use of scarce resources are based on customs, ritual, or habits

4. Advantages المزايا: something good/positive/helpful
5. Disadvantage العيب: bad/negative/hurts
6. stagnation: not changing
7. Command Economy قيادة الاقتصاد: central authority (government) makes all major economic decisions
8. restricts يقيد: stops
9. bureaucracy: government does everything
10. Market Economy اقتصاد السوق: the people make their own decisions for their best interests
11. Market – السوق: place where buyers and sellers exchange goods and services
12. Capitalism الرأسمالية: where citizens own the factors of production and decide their use (private businesses)

13. inability – عدم القدرة: not able to do something
14. competition – المنافسة: trying to make more money than others
15. Mixed Economy – الاقتصاد المختلط: 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 صارمة: demanding
19. collectively – جماعيا: working together
20. inefficient – غير فعالة: wasting time, failing to produce

These will be the final words this chapter.  Prepare for a test at the end of the week! Good luck! Practice, say them, and review them.

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

48. maximum الحد الأقصى: 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 الناتج: products that are made
51. economic model النموذج الاقتصادي: an easier way to read using graphs, charts, or drawings.

52. constant ثابت: دائما: always
53. solution الحل: الإجابة على مشكلة: answer to a problem
54. free enterprise economy اقتصاد المؤسسات الحرة: economic system where private businesses have freedom to work for profit with limited government interference (like U.S.A.)

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

23. command: a want
24. good: a product that is useful, kind of scarce, and transferable to others
25. consumer good: 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

23 – الأمر
24 – جيدة
25. المستهلك جيدة
26 – المستهلكين
27. جيد دائم
28. جيد لا يصدق
29 – الخدمة
30 – القيمة
31 – السوق
32 – النقدية
33 – مفارقة القيمة
34 – فائدة
35 – التبادل
36 – الثروة
37 – الأموال
38 – النمو الاقتصادي
39 – الإنتاجية
40- التخصص
41 – رأس المال البشري
42 – الترابط الاقتصادي