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ECONOMICS DEFINITIONS OF TERMS
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ECONOMICS DEFINITIONS OF TERMS
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ECONOMICS DEFINITIONS OF TERMSmarket basket - a representative collection of goods and services. They can be analyzed to track
inflation rates.
ceteris parabis - Latin for "All things being equal". Assumption made by economists that only the
price changes when considering changes in quantity demanded.
creeping inflation - a gradual, steady rise in the price of goods and services over time
hyper inflation - monetary inflation occurring at a very high rate
Consumer Price Index - an index of the cost of all goods and services to a typical consumer.
Used in determining and tracking inflation.
entitlement programs - Government programs providing benefits to qualified individuals
based on need.
scarcity - We have limited resources but unlimited wants ex: land, water, time
Factors of Production - Land (trees) Labor (cheesemaker) capital (human made product or
human knowledge)
Physical Capital - objects made by human beings and used to produce goods and services
Human Capital - human knowledge & experience/skill ex: writing, reading, typing
, shortage - wanting more of a good than producers are willing to make or can make so there is a
short supply ex: gas
Need - something you need to survive ex: food, shelter, water, air, clothes please
Want - something you desire to have but don't need to live ex: a new bathroom, new counter tops,
trip to New Zealand,
opportunity cost - the best alternative you miss out on when you make choice (ex: if you work you
miss out on friends)
trade off - get something but have to give up something (ex: I'll have pizza but no pasta unless you
are at Pizza hut LOLZ)
Guns & Butter - A trade off that country's make about how to use their $. They can spend it on
military or resources for their people
Free Enterprise/Free Market - Individuals make all the decisions, people earn profits based on
supply and demand. Example: no one really has this completely
Command Style - The government makes all the decisions. Example: North Korea, how many shoes
are you going to make!
Mixed Economy - Individuals have freedom to start businesses and people can make choices BUT
government is involved for safety, regulations, law and defense. Example: US Economy
Demand - To desire something and be able to pay for it.
Substitute - Item that replaces another item: ex: Butter for Margarine
Compliment - Two good that are bought and sold together: ex:toothpaste/tooth brush
Normal good - Name brand item: Ugg, Nike, Adidas that you buy with more income
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