Pre AP Economics Flashcards

1014156081	Economist	A person who studies systems of production and consumption (What to produce, how to produce, who are we producing it for? How much are you producing?)	0
1014156082	Natural Resources	A valuable, limited material found in nature used in manufacturing such as wood, coal, and oil.	1
1014156083	Capital	Money, tools and technology that is required to operate business	2
1014156084	Needs	Things humans must have to survive (EX: Food, water, clothing, shelter)	3
1014156085	Wants	Things people would like to have but are not necessary for survival (luxury items)	4
1014156086	Means of Production	How something is being made (i.e. by hand, machine, factory)	5
1014156087	Interdependence	Relying on another country or nation for a product that you cannot provide for yourself (Romans imported wheat from Egypt, while Rome supplied wine)	6
1014156088	Scarcity	Not enough of something (resources) (Too small of a supply)	7
1014156089	Traditional Economy	Economy based on past practices (ex: farming, hunting and gathering)	8
1014156090	Paleolithic Era	Time period characterized by hunting and gathering (Old Stone Age)	9
1014156091	Neolithic Revolution	Turning point in history where people learned how to farm ("New Stone Age") farming and domestication of animals	10
1014156092	Agrarian	A farming or agricultural society	11
1014156093	Manoralism	Economic system of the middle ages where the manor is self-sufficient and produces everything it needs to survive (the economic portion of feudalism)	12
1014156094	Barter System	A system of trade in which goods are exchanged instead of money	13
1014156095	Self-sufficient	Relying on oneself to produce everything needed to survive	14
1014156096	Commercial revolution	Time period after the Crusades that brought new economic ideas and practices to Europe (leads to the rise of capitalism)	15
1014156097	Merchants	People who buy, sell and trade goods for a living	16
1014156098	Artisans	Skilled workers who specialize in making a specific thing for a living (ex: blacksmith, carpenter aka: CRAFTSMEN/WOMEN)	17
1014156099	Guilds	Trade association (union) of craft workers and merchants that sets standards on prices and quality	18
1014156100	Joint Stock Companies	A company that sells shares Stock to investors who share in the profits and losses.	19
1014156101	Interest Rate	The rate a bank charges for a loan	20
1014156102	Market Economy:	An economy based on free trade and supply and demand. Businesses (producers) and consumers drive prices, quantity and quality	21
1014156103	Capitalism	An economic system based on the private ownership of the means of production and the distribution of goods. (Capital investment by private owners)	22
1014156104	Free trade	The elimination of trade barriers (tariffs or taxes on imports) between nations	23
1014156105	Laissez-faire	A government's policy allowing business to operate with little or no government interference (HANDS OFF)	24
1014156106	Adam Smith	Economists who wrote the book, "Wealth of Nations;" He believed in free trade and Laissez-Faire economics	25
1014156107	Stock	A share of a company	26
1014156108	Competition	Struggle of producers competing for the money of consumers	27
1014156109	Entrepreneur	A person who invests money to start his/her own business; A risk taker	28
1014156110	Supply	The quantity of goods and services a business makes available at a given price	29
1014156111	Demand	The quantity of goods and services that a consumer is willing to pay at a given price	30
1014156112	Profit:	Financial gain (Money made in business after expenses)	31
1014156113	Industrialism:	Large-scale industry or factories (Mass production of goods	32
1014156114	Monopolies	Complete control of a product or business by one person or group.	33
1014156115	Communism	A system of government (political system) in which a single, totalitarian, party holds power. It is characterized by state control of the economy	34
1014156116	Command Economy	An economy that is planned and controlled by a central administration, as in the former Soviet Union. (Economic system for a communist state)	35
1014156117	Socialism	Political theory that society as a whole should control the means of production such as factories and land	36
1014156118	Nationalization	When the government takes over a farm, business or industry (ex: Soviet Union)	37
1014156119	Karl Marx	German political philosopher and writer. He wrote The Communist Manifesto, which described socialism, which is the basis for modern communism.	38
1014156120	Proletariat:	A term Karl Marx used to describe the working class (Marx predicted that this class would lead a revolution that would overthrow the Bourgeoisie); The HAVE NOTS or poor	39
1014156121	Bourgeoisie	A term Karl Marx used to describe the middle class of society; The HAVES or rich	40
1014156122	Mercantilism:	Economic system in Europe during the colonial period. The Mother country or colonial power benefits as the colony serves as a source of raw materials, and a market for finished goods.	41
1014156123	Colony	An area that is subservient to a mother country's economic needs	42
1014156124	Favorable Balance of trade	The economic goal of all modern countries. The ability to export more goods than is imported. (More $ is earned, than spent)	43
1014156125	Economic System	Systems that determine production and consumption of goods or materials of an area, region or nation	44
1825649444	Meritocracy	Leadership by able and talented persons. An elite group of people whose progress is based on ability and talent rather than on class privilege or wealth.	45
1825649445	Ascribed Status	the social position assigned to a person on the basis of age, sex, race, etc.	46