Econ Vocab Review

Standard of Living Standard of Living Productive Capacity Productive Capacity Usage of resources Usage of resources Infrastructure Infrastructure Private property Private property Right and privaledge to control your own property Right and privaledge to control your own property Influences the effect of labor prices Influences the effect of labor prices Quality of life based on necessities and luxuries Quality of life based on necessities and luxuries Create goods and services using land, labor and capital Create goods and services using land, labor and capital Installations and facilities on which a community depends for growth Installations and facilities on which a community depends for growth

Free to risk your own money Free to risk your own money Factors of production are privatley owned. Factors of production are privatley owned. Reflects the demands of the people Reflects the demands of the people Drives market prices up and down Drives market prices up and down Determines what products are ultimately produced Determines what products are ultimately produced Competition Competition Consumer choice Consumer choice Freedom of enterprise Freedom of enterprise Role of government Role of government capitalism capitalism

Scarcity Scarcity Traditional economy Traditional economy Command economy Command economy Market economy Market economy Not enough resources to produce goods Not enough resources to produce goods Central authority makes major economic decisions Central authority makes major economic decisions Allocation of resources is by habit, custom or ritual Allocation of resources is by habit, custom or ritual Supply, demand, and price system help make economic decisions Supply, demand, and price system help make economic decisions

Do the task that you do best Do the task that you do best Work for interests of their members Work for interests of their members Laborers perform fewer task more often Laborers perform fewer task more often People exchange their services for money People exchange their services for money Actions in once place have an impact on what happens elsewhere Actions in once place have an impact on what happens elsewhere Division of labor Division of labor Specialization Specialization Trade Trade Interdependence Interdependence Labor unions Labor unions

Professional associations Professional associations Business Business Monopoly Monopoly Horizontal integration Horizontal integration Vertical integration Vertical integration Group interests are strong but not mandatory Group interests are strong but not mandatory Promote the welfare of the community Promote the welfare of the community Two or more firms produce the same kind of product Two or more firms produce the same kind of product Market system with a single producer Market system with a single producer Combinations of firms in different steps of manufacturing or marketing Combinations of firms in different steps of manufacturing or marketing

Trust Trust embargo embargo Protectionism Protectionism Tariff Tariff blockade blockade quota quota Tax placed on imported goods Tax placed on imported goods Limit on the amount of a good allowed in the country Limit on the amount of a good allowed in the country Illegal combinations of companies or corporations that stops competition Illegal combinations of companies or corporations that stops competition Prohibition on the import or export Prohibition on the import or export Use trade barriers to help domestic products Use trade barriers to help domestic products Prevent passage in or out of the country Prevent passage in or out of the country