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Economics Vocabulary

Economics Vocabulary. Spring 2019 Textbook. Monday, January 7th. Scarcity Need and want Good and service Nondurable Good Durable Good. Tuesday, January 8th. Consumer Good Capital Good Factors of production Productivity Standard of living. Wednesday, January 9th. Land Labor

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Economics Vocabulary

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  1. Economics Vocabulary Spring 2019 Textbook

  2. Monday, January 7th • Scarcity • Need and want • Good and service • Nondurable Good • Durable Good

  3. Tuesday, January 8th • Consumer Good • Capital Good • Factors of production • Productivity • Standard of living

  4. Wednesday, January 9th • Land • Labor • Capital • Entrepreneurs • Human Capital

  5. Thursday, January 10th • Production Possibilities Curve • Opportunity Cost • Trade-offs • Division of labor • Specialization

  6. Friday, January 11th • Traditional Economy • Command Economy • Socialism • Market Economy • Capitalism

  7. Monday, January 14th • Communism • Mixed Economies • Privatization • Black Market • Public Good

  8. Tuesday, January 15th • Free enterprise • Voluntary exchange • Profit • Consumer Sovereignty • Incentive

  9. Wednesday, January 16th • Market Failure • Externalities • Trusts • Social Security • Medicare

  10. Thursday, January 17th • Public sector/Private sector • Marginal utility • Factor Market • Product Market • Subsidy

  11. Friday, January 18th • Demand • Quantity Demanded • Law of demand • Income effect • Substitution effect

  12. Monday, January 21st • Substitutes • Complements • Supply • Quantity Supplied • Law of supply

  13. Tuesday, January 22nd • Diminishing returns • Total Revenue • Rationing • Equilibrium Price • Equilibrium Quantity

  14. Wednesday, January 23rd • Surplus • Shortage • Price Ceiling • Price Floor • Laissez-Faire

  15. Thursday, January 24th • Perfect Competition • Monopolistic Competition • Product differentiation • Oligopoly • Monopoly

  16. friday, January 25th • Sole proprietorship • Partnership • Corporation • Stock • Dividend

  17. monday, January 28th • Unlimited liability • Double taxation • Franchise • Depreciation • Conglomerate

  18. tuesday, January 29th • Horizontal merger • Vertical merger • Nonprofit • Cooperative, or co-op • Labor union

  19. wednesday, January 30th • Gross Domestic Product • GDP per capita • Aggregate supply • Aggregate demand • Real GDP

  20. Thursday, January 31st • Intermediate products • Underground economy • Net exports of goods and services • Infrastructure • Unemployed

  21. friday, February 1st • Unemployment rate • Frictional Unemployment • Structural Unemployment • Cyclical Unemployment • Seasonal Unemployment

  22. monday, February 4th • Inflation • Deflation • Consumer Price Index • Market Basket • Base year

  23. tuesday, February 5th • Hyperinflation • Stagflation • Demand-pull inflation • Cost-push inflation • Quantity theory of money

  24. wednesday, February 6th • Business Cycles • Recession • Peak • Trough • Expansion

  25. Thursday, February 7th • Depression • Fiat Money • Medium of exchange • Measure of value • Store of value

  26. Friday, February 8th • Financial institution • Principal • Interest • Credit Union • Certificate of Deposit (CD)

  27. Monday, February 11th • Pension • Risk • Bull market/Bear market • Bond • Maturity

  28. Tuesday, February 12th • Beneficiary • Individual Retirement Accounts (IRA)/401(k) • Money market • Mutual fund • Diversification

  29. Wednesday, February 13th • Creditors • Debtors • Defaulted • Premiums • Deductible

  30. Thursday, February 14th • Collateral • Federal Reserve System (Fed) • Bank run • Federal Deposit Insurance Corporation (FDIC) • Monetary policy

  31. Friday, February 15th • Reserve Requirement • Fractional reserve system • Interest rate • Open market operations • Discount rate

  32. Monday, February 25th • Internal Revenue Service (IRS) • Sales Tax • Proportional Tax • Progressive Tax • Regressive Tax

  33. Tuesday, February 26th • Medicaid • FICA • Estate tax • Property tax • Fiscal Policy

  34. Wednesday, February 27th • Keynesian Economics • Supply-side policies • Budget Deficit/Budget Surplus • Trade deficit/Trade surplus • Balance of payments

  35. Thursday, February 28th • Exports and imports • Absolute advantage • Comparative advantage • Tariff • Quota

  36. Friday, March 1st • Embargo • Protectionists • Free traders • NAFTA • Foreign exchange rate

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