Economics - Regents Level Vocabulary
Chapter 1 Section 1: Need want economics Goods services scarcity Shortage factors of production land Labor capital physical capital Human capital entrepreneur
Section 2: Trade-off guns or butter opportunity cost Thinking at the margin
Section 3: Production possibilities curve production possibilities frontier Efficiency underutilization cost Law of increasing costs
Chapter 2 Section 1: Economic systems factor payments patriotism Safety net standard of living traditional economy Market economy centrally planned economy command economy Mixed economy
Section 2: Market specialization household Firm factor market profit Product market self-interest incentive Competition consumer sovereignty
Section 3: Socialism communism authoritarian Collective heavy industry
Section4: Laissez faire private property free enterprise Continuum transition privatize
Chapter 3 Section 1: Profit motive open opportunity private property rights Free contract voluntary exchange competition Interest group public disclosure laws public interest
Section 2: Macroeconomics microeconomics gross domestic product (GDP) Business cycle work ethic technology
Section 3: Public good public sector private sector Free rider market failure externality
Section 4: Poverty threshold welfare cash transfers In-kind benefits
Chapter 4 Section 1: Demand law of demand substitution effect Income effect demand schedule market demand schedule Demand curve
Section 2: Ceteris paribus normal good inferior good Compliments substitutes
Section 3: Elasticity of demand inelastic elastic Unitary elastic total revenue
Chapter 5 Section 1: Supply law of supply quantity supplied Supply schedule variable market supply schedule Supply curve market supply curve elasticity of supply
Section 2: Marginal product of labor increasing marginal returns diminishing marginal returns Fixed cost variable cost total cost Marginal cost marginal revenue operating cost
Section 3: Subsidy excise tax regulation
Chapter 6 Section 1: Equilibrium disequilibrium excess demand Excess supply price ceiling price floor Rent control minimum wage Section 2: Surplus shortage search costs
Section 3: Supply shock rationing black market Spillover costs
Chapter 7 Section 1: Perfect competition commodity barrier to entry Imperfect competition start-up costs
Section 2: Monopoly economies of scale natural monopoly Government monopoly patent franchise License price discrimination market power
Section 3: Monopolistic competition differentiation non-price competition Oligopoly price war collusion Price fixing cartel
Section 4: Predatory pricing antitrust laws trust Merger deregulation
Chapter 8 Section 1: Business organization sole proprietorship business license Zoning law liability fringe benefit
Section 2: Partnership general partnership limited partnership Limited liability partnership (LLP) articles of partnership uniform partnership act (UPA)
Section 3: Corporation stock closely held corporation Publicly held corporation bond certificate of incorporation Dividend horizontal merger vertical merger Conglomerate multinational corporation (MNC)
Section 4: Business franchise royalty cooperative Consumer cooperative service cooperative producer cooperative Nonprofit organization professional organization business association Trade association Chapter 9 Section 1: Labor force learning effect screening effect Contingent employment
Section 2: Derived dividend productivity equilibrium wage Unskilled labor semi-skilled labor skilled labor Professional labor glass ceiling labor union Featherbedding
Section 3: Strike right-to-know law blue-collar worker White-collar worker collective bargaining mediation Arbitration
Chapter 10 Section 1: Money medium of exchange barter Unit of account store of value currency Commodity money representative money fiat money
Section 2: Bank national bank bank run Greenback gold standard Federal Reserve system Central bank member bank Federal Reserve note Great depression Federal Deposit Insurance Corporation (FDIC)
Section 3: Money supply liquidity demand deposit Money market mutual fund fractional reserve Banking default mortgage Credit card interest principal Debit card creditor