Econ Dictionary

Throughout the Semester, update your Econ Dictionary by filling in the chart with terms, definitions, and chapter info. You will turn in your completed DICTIONARY at the end of the year, as an assignment.

Words will be provided in class on word wall (Back Whiteboard)

New Words will be added to this page whenever they are updated in class. Check back here if you miss class.

Vocab Quiz #1 (20 Words)

• Scarcity
• Economics
• Need
• Want
• Factors of Production
• Land
• Capital
• Labor
• Entrepreneur
• Production
• Gross Domestic Product (GDP)
• Financial Capital
• Good
• Service
• Value
• Utility
• Market
• Trade-off
• Opportunity cost
• Cost Benefit analysis

Vocab Quiz #2 (13 Words)

• Traditional Economy
• Command Economy
• Market Economy
• Capitalism
• Free Enterprise
• Voluntary Exchange
• Private Property Rights
• Profit
• Profit Motive
• Competition
• Consumer Sovereignty
• Mixed Economy
• Modified Private Enterprise Economy

Vocab Quiz #3 (15 Words)

• Sole Proprietorship
• Unlimited Liability
• Corporation
• Charter
• Stock
• Stockholder
• Dividend
• Merger
• Net Income
• Depreciation
• Cash Flow
• Horizontal Merger
• Vertical Merger
• Conglomerate
• Multinational

Vocab Quiz #4 (8 Words)

• Demand
• Microeconomics
• Demand Schedule
• Demand Curve
• Law of Demand
• Market Demand Curve
• Marginal Utility
• Diminishing Marginal Utility

Vocab Quiz #5 (10 Words)

• Substitutes
• Complements
• Elasticity
• Demand Elasticity
• Elastic
• Inelastic
• Unit Elastic
• Supply
• Law of Supply
• Supply Curve

Vocab Quiz #6 (15 Words)

• Fixed Cost
• Overhead
• Variable Cost
• Total Cost
• Marginal Cost
• E-Commerce
• Total Revenue
• Marginal Revenue
• Marginal Analysis
• Break-even Point
• Profit-Maximizing Quantity of Output
• Price
• Market Equilibrium
• Surplus
• Shortage

Vocab Quiz #7 (15 Words)

• Price Ceiling
• Minimum Wage
• Price Floor
• Target Price
• Product Differentiation
• Non-Price Competition
• Oligopoly
• Monopoly
• Natural Monopoly
• Government Monopoly
• Laissez-Faire
• Market Structure
• Perfect Competition
• Imperfect Competition
• Monopolistic Competition

Vocab Quiz #8 (10 Words)

• Macroeconomics
• Civilian Labor Force
• Craft Union
• Trade Union
• Industrial Union
• Strike
• Picket
• Boycott
• Lockout
• Company Union