Mr. Biggar's Classes

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

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