Vocabulary to Review for the EOCs
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Entrepreneur |
Tradeoffs |
Marketing |
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Natural Resources |
Opportunity costs |
Retailers and Wholesalers |
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Labor |
Division of Labor |
Gross Domestic Product (GDP) |
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Capital |
Specialization |
Efficiency |
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Scarcity |
Capital goods |
Mechanization |
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Consumer |
Productivity |
Comparative Advantage |
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Gross and Net income |
Investment |
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Traditional economies |
Limited liability |
Complementary goods |
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Command economies |
Free Trade |
Inflation |
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Market economies |
Import |
Money |
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Mixed economies |
Export |
Collective bargaining |
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Free Enterprise system |
Money |
Monopoly |
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Competition |
The Great Depression |
Antitrust |
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Profit |
Monetary policy |
Franchise |
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Management |
Fiscal Policy |
Standard of Living |
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Costs |
Federal Reserve |
Recession |
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Sole proprietorships |
Supply |
Business cycle |
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Partnerships |
Demand |
Elastic and Inelastic demand |
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Corporations |
Substitute goods |
Diminishing Marginal Returns |
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Factors of Production |
Patents |
Equilibrium Price |
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Price floors and ceilings |
Shortage |
Surplus |
Unit Five (ELP 50 – 57)
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Savings |
Unemployment |
Adam Smith |
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Investment |
Economic interdependence |
John Maynard Keynes |
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Interest |
Taxation |
Food and Drug Administration |
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Stocks and Bonds |
Gross Domestic Product |
Federal Trade Commission |
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Credit |
Consumer Price Index |
Consumer Product Safety Commission |
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Resources |
Karl Marx |
Environmental Protection Agency |
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Recession |
Trade deficit |
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