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ECONOMICS|DEFINITIONS AND ESSAYS WITH CORRECT ANSWERS
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ECONOMICS|DEFINITIONS AND ESSAYS WITH CORRECT ANSWERS
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ECONOMICS|DEFINITIONS AND ESSAYS WITHCORRECT ANSWERS
4 factors of production - land, labor, capital, and entrepreneurs
land - resources found on the earth
labor - Human effort directed toward producing goods and services
physical capital - all human-made goods that are used to produce other goods and services;
tools and buildings
human capital - the skills and knowledge gained by a worker through education and
experience
entrepreneurs - people who decide how to combine the other factors of production to create
new goods and services
Gross domestic product (GDP) - the total value of all final goods and services produced in a
country during one year.
Organization of Petroleum Exporting Countries (OPEC) - Group of nations that work together
to regulate the price and supply of oil
Consumer Product Safety Commission (CPSC) - Enacts policies for reducing risks of harm from
consumer products
Federal Trade Commission (FTC) - An agency that regulates advertising to ensure that ads are
fair and accurate and enacts and enforces antitrust laws to protect consumers
Equal Employment Opportunity Commission (EEOC) - Federal agency in charge of enforcing
federal laws on employment discrimination.
, Occupational Safety and Health Administration (OSHA) - establishes and enforces standards
that protect workers from job-related injuries and illnesses
United Nations (UN) - an organization of countries that promotes peace, security, and
economic development around the world
World Trade Organization (WTO) - An international organization that oversees international
trade agreements, designed to monitor and enforce trade agreements
World Health Organization (WHO) - United Nation organization designed to deal with global
health issues.
Trade deficit - An imbalance in international trade in which the value of imports exceeds the
value of exports.
Economic interdependence - situation in which countries rely on each other to provide goods
and services
North Atlantic Free Trade Agreement (NAFTA) - Agreement that created free-trade area
among the United States, Canada and Mexico.
Trade surplus - when a country exports more than it imports
John Maynard Keynes - British economist who argued that deficit spending could provide jobs
and stimulate the economy.
Adam Smith - Scottish economist who wrote the Wealth of Nations and designed modern
Capitalism
Karl Marx - Wrote the Communist Manifesto, considered the father of Communism
Fiscal policy - Government policy that attempts to manage the economy by controlling taxing
and spending.
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