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Chapter 1 Vocabulary Need Want Scarcity Economics Entrepreneur
Factors of production Trade-off Opportunity cost Thinking at the margin Cost/benefit analysis 11. Marginal cost 12. Marginal benefit 13. Production possibilities curve 14. Production possibilities frontier 15. Efficiency 16. Underutilization 17. Law of increasing costs
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Chapter 2 Vocabulary Economic system Profit Safety net
Standard of living Traditional economy Specialization Free market economy Factor market 9.Product market 10. Competition 11. Invisible hand 12. Centrally planned economy 13. Command economy 14. Socialism 15. Communism 16. Mixed economy
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Chapter 3 Vocabulary Copyright Infrastructure Free rider Externality
Voluntary exchange Eminent domain Public interest Macroeconomics Microeconomics Gross domestic product Business cycle patent Copyright Infrastructure Free rider Externality Welfare In-kind benefits Market failure Work ethic
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Chapter 4 Vocabulary Demand Law of demand Substitution effect
Income effect Demand schedule Demand curve Ceteris paribus Normal good Inferior good Complements Substitutes Elasticity of demand Inelastic Elastic Total revenue Market demand schedule
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Chapter 5 Vocabulary Supply Law of supply Quantity supplied
Supply schedule Variable Supply curve Elasticity of supply Marginal product of labor Increasing marginal returns Diminishing marginal returns Fixed cost Variable cost Total cost Subsidy Marginal cost Marginal revenue
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Chapter 6 Vocabulary Equilibrium Disequilibrium Shortage Surplus
Price ceiling Rent control Price floor Minimum wage Inventory Fad Search costs Supply shock Rationing Black market
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Chapter 7 Vocabulary Perfect competition Commodity Barrier to entry
Imperfect competition Monopoly Natural monopoly Government monopoly franchise Price discrimination Market power Monopolistic competition Oligopoly Collusion Price fixing Merger trust
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Chapter 8 Vocabulary Sole proprietorship Liability Fringe benefits
Partnership Assets Royalties Corporation Stock Bond Dividend Cooperative Nonprofit organization Conglomerate Horizontal merger Vertical merger Business franchise
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Chapter 9 Vocabulary Semi-skilled worker Glass ceiling Labor union
Outsourcing Learning effect Screening effect Contingent employment Derived demand Productivity of labor Equilibrium wage mediation Semi-skilled worker Glass ceiling Labor union Featherbedding Strike Blue-collar worker White-collar worker arbitration
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Chapter 10 Vocabulary Medium of exchange Barter Unit of account
Store of value Currency Commodity money Representative money specie Fiat money Greenback Gold standard Foreclosure Liquidity Money market mutual fund Default Mortgage
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Chapter 11 Vocabulary Investment Financial system Financial asset
Mutual fund Hedge fund Diversification Portfolio return Maturity Yield Savings bond Money market Share Capital gain Stock split futures
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Chapter 12 Vocabulary Gross domestic product Intermediate goods
Durable goods Nominal GDP Rea GDP Gross national product Depreciation Price level Aggregate supply Aggregate demand Business cycle Peak Contraction Trough Stagflation depression
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Chapter 13 Vocabulary Hyperinflation Fixed income Deflation
Globalization Unemployment rate Underemployed Inflation Price index Consumer price index Market basket Inflation rate Hyperinflation Fixed income Deflation Poverty rate Lorenz rate Workfare Block grant Enterprise zone
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Chapter 14 Vocabulary Revenue Progressive tax Proportional tax
Regressive tax Tax base Incidence of a tax Withholding Tax return Taxable income Tax deduction Gift tax Tariff Entitlement Tax exempt Balanced budget Capital budget
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Chapter 15 Vocabulary Budget surplus Budget deficit Treasury bill
Fiscal policy Federal budget Fiscal year Appropriations bill Demand side economics Keynesian economics Multiplier effect Supply side economics Budget surplus Budget deficit Treasury bill Treasury note Treasury bond National debt Crowding out effect Automatic stabilizer
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Chapter 16 Vocabulary Monetary policy Reserves Reserve requirements
Check clearing Discount rate Money creation Required reserve ratio Excess reserves Prime rate Monetarism Easy money policy Tight money policy Inside tag Outside tag Open market operations Federal funds rate
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Chapter 17 Vocabulary Trade war Free trade Exchange rate Appreciation
Export Import Absolute advantage Comparative advantage Trade barrier Tariff Sanctions embargo Trade war Free trade Exchange rate Appreciation Depreciation Balance of trade Trade surplus Trade deficit
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Chapter 18 Vocabulary Offshoring Remittances Brain drain
Developed nation Per capita GDP Industrialization Literacy rate Internal financing Stabilization program Privatization globalization Offshoring Remittances Brain drain Sustainable development Deforestation Population growth rate
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