economic vocab by Markell Gunther https://padlet.com/margun7594/wb0obbfmcugl Made with good vibes en-us 2018-10-15 01:25:06 UTC 2018-10-17 14:31:38 UTC hello@padlet.com scarcity margun7594 https://padlet.com/margun7594/wb0obbfmcugl/wish/292629252  the state of being scarce or in short supply; shortage.
Historical:defined as a condition of limited resources, where society does not have sufficient resources to produce enough to fulfill subjective wants.]]> 2018-10-15 01:27:28 UTC https://padlet.com/margun7594/wb0obbfmcugl/wish/292629252 capital margun7594 https://padlet.com/margun7594/wb0obbfmcugl/wish/292629338 the most important city or town of a country or region.
Historical def:Capital that is invested on a long-term basis]]> 2018-10-15 01:27:55 UTC https://padlet.com/margun7594/wb0obbfmcugl/wish/292629338 Entrepreneur margun7594 https://padlet.com/margun7594/wb0obbfmcugl/wish/292629370 the activity of setting up a business or businesses.
hist:Manager or promoter of a theatrical production ]]> 2018-10-15 01:28:05 UTC https://padlet.com/margun7594/wb0obbfmcugl/wish/292629370 Land margun7594 https://padlet.com/margun7594/wb0obbfmcugl/wish/292629414 a country
Hist:the part of the earth's surface that is not covered by water.]]> 2018-10-15 01:28:12 UTC https://padlet.com/margun7594/wb0obbfmcugl/wish/292629414 Labor margun7594 https://padlet.com/margun7594/wb0obbfmcugl/wish/292629430 work, especially hard physical work.
Historical:a sub-discipline of social history which specialises on the history of the working classes and the labor movement.]]> 2018-10-15 01:28:18 UTC https://padlet.com/margun7594/wb0obbfmcugl/wish/292629430 Traditional economy margun7594 https://padlet.com/margun7594/wb0obbfmcugl/wish/292629444 2018-10-15 01:28:26 UTC https://padlet.com/margun7594/wb0obbfmcugl/wish/292629444 command economy margun7594 https://padlet.com/margun7594/wb0obbfmcugl/wish/292629483 an economy in which production, investment, prices, and incomes are determined centrally by a government.
Hist:a system where the government, rather than the free market, determines what goods should be produced, how much should be produced and the price at which the goods are offered for sale.]]> 2018-10-15 01:28:37 UTC https://padlet.com/margun7594/wb0obbfmcugl/wish/292629483 Market economy margun7594 https://padlet.com/margun7594/wb0obbfmcugl/wish/292629521 n economic system in which economic decisions and the pricing of goods and services are guided solely by the aggregate interactions of a country's individual citizens and businesses.
Historical:moving goods from producer to consumer]]> 2018-10-15 01:28:46 UTC https://padlet.com/margun7594/wb0obbfmcugl/wish/292629521 mixed economy margun7594 https://padlet.com/margun7594/wb0obbfmcugl/wish/292629571 an economic system combining private and public enterprise.
Hist:a system that combines aspects of both capitalism and socialism.

]]> 2018-10-15 01:28:59 UTC https://padlet.com/margun7594/wb0obbfmcugl/wish/292629571 free enterprise margun7594 https://padlet.com/margun7594/wb0obbfmcugl/wish/292629642 2018-10-15 01:29:23 UTC https://padlet.com/margun7594/wb0obbfmcugl/wish/292629642 circular flow of economic activity margun7594 https://padlet.com/margun7594/wb0obbfmcugl/wish/292629724 The circular flow of income or circular flow is a model of the economy in which the major exchanges are represented as flows of money, goods and services, etc.
Hist:diagram represents how goods, services, and money move through our economy. ]]> 2018-10-15 01:29:46 UTC https://padlet.com/margun7594/wb0obbfmcugl/wish/292629724 competition margun7594 https://padlet.com/margun7594/wb0obbfmcugl/wish/292629800 the activity or condition of competing.
historical: the act or process of competing : rivalry: such as. a : the effort of two or more parties acting independently to secure the business of a third party by offering the most favorable terms contractors in competition for the contract to build the new school.]]> 2018-10-15 01:30:10 UTC https://padlet.com/margun7594/wb0obbfmcugl/wish/292629800 profit motive margun7594 https://padlet.com/margun7594/wb0obbfmcugl/wish/292629838 the desire for financial gain as an incentive in economic activity.
Hist:the intent to achieve monetary gain in a transaction or material endeavor. ]]> 2018-10-15 01:30:21 UTC https://padlet.com/margun7594/wb0obbfmcugl/wish/292629838 supply margun7594 https://padlet.com/margun7594/wb0obbfmcugl/wish/292629876 make (something needed or wanted) available to someone; provide.
Hist:fundamental economic concept that describes the total amount of a specific good or service that is available to consumers.]]> 2018-10-15 01:30:33 UTC https://padlet.com/margun7594/wb0obbfmcugl/wish/292629876 demand margun7594 https://padlet.com/margun7594/wb0obbfmcugl/wish/292629901 an insistent and peremptory request, made as if by right.
Hist:quantity of a good that consumers are willing and able to purchase at various prices during a given period of time.]]> 2018-10-15 01:30:40 UTC https://padlet.com/margun7594/wb0obbfmcugl/wish/292629901 opportunity cost margun7594 https://padlet.com/margun7594/wb0obbfmcugl/wish/292629924 the loss of potential gain from other alternatives when one alternative is chosen.
historical:  the opportunity cost, also known as alternative cost, is the value (not a benefit) of the choice in terms of the best alternative while making a decision.]]> 2018-10-15 01:30:46 UTC https://padlet.com/margun7594/wb0obbfmcugl/wish/292629924 monopoly margun7594 https://padlet.com/margun7594/wb0obbfmcugl/wish/292629966 the exclusive possession or control of the supply or trade in a commodity or service
Hist: characterized by a lack of competition, which can mean higher prices and inferior products.]]> 2018-10-15 01:31:02 UTC https://padlet.com/margun7594/wb0obbfmcugl/wish/292629966 oligopoly margun7594 https://padlet.com/margun7594/wb0obbfmcugl/wish/292630023 a state of limited competition, in which a market is shared by a small number of producers or sellers.
historical: a market structure with a small number of firms, none of which can keep the others from having significant influence.]]> 2018-10-15 01:31:26 UTC https://padlet.com/margun7594/wb0obbfmcugl/wish/292630023 Monopolistic competition margun7594 https://padlet.com/margun7594/wb0obbfmcugl/wish/292630053 Monopolistic competition is a type of imperfect competition such that many producers sell products that are differentiated from one another and hence are not perfect substitutes.
historical: a type of imperfect competition such that many producers sell products that are differentiated from one another (e.g. by branding or quality) and hence are not perfect substitutes.]]> 2018-10-15 01:31:36 UTC https://padlet.com/margun7594/wb0obbfmcugl/wish/292630053 pure competition margun7594 https://padlet.com/margun7594/wb0obbfmcugl/wish/292630104 a term that describes a market that has a broad range of competitors who are selling the same products.
Hist:broad range that sell products]]> 2018-10-15 01:31:52 UTC https://padlet.com/margun7594/wb0obbfmcugl/wish/292630104 Gross domestic product margun7594 https://padlet.com/margun7594/wb0obbfmcugl/wish/292630172 the total value of goods produced and services provided in a country during one year.
historical:  monetary measure of the market value of all the final goods and services produced in a period of time, often annually or quarterly. ]]> 2018-10-15 01:32:14 UTC https://padlet.com/margun7594/wb0obbfmcugl/wish/292630172 consumer price index margun7594 https://padlet.com/margun7594/wb0obbfmcugl/wish/292630221 an index of the variation in prices paid by typical consumers for retail goods and other items.
historical:A consumer price index (CPI) measures changes in the price level of market basket of consumer goods and services purchased by households.]]> 2018-10-15 01:32:31 UTC https://padlet.com/margun7594/wb0obbfmcugl/wish/292630221 Fiscal policy margun7594 https://padlet.com/margun7594/wb0obbfmcugl/wish/292630288 the means by which a government adjusts its spending levels and tax rates to monitor and influence a nation's economy.
Historical:the means by which a government adjusts its spending levels and tax rates to monitor and influence a nation's economy.]]> 2018-10-15 01:32:50 UTC https://padlet.com/margun7594/wb0obbfmcugl/wish/292630288 Monetary policy margun7594 https://padlet.com/margun7594/wb0obbfmcugl/wish/292630343 Monetary policy is the macroeconomic policy laid down by the central bank.
Hist: consists act of central bank]]> 2018-10-15 01:33:06 UTC https://padlet.com/margun7594/wb0obbfmcugl/wish/292630343 Business cycle margun7594 https://padlet.com/margun7594/wb0obbfmcugl/wish/292630426 a cycle or series of cycles of economic expansion and contraction.
Hist:the downward and upward movement of gross domestic product (GDP) around its long-term growth trend. ]]> 2018-10-15 01:33:32 UTC https://padlet.com/margun7594/wb0obbfmcugl/wish/292630426 Recession margun7594 https://padlet.com/margun7594/wb0obbfmcugl/wish/292630492 a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.
Historical:business cycle contraction which results in a general slowdown in economic activity.]]> 2018-10-15 01:33:54 UTC https://padlet.com/margun7594/wb0obbfmcugl/wish/292630492 Depression margun7594 https://padlet.com/margun7594/wb0obbfmcugl/wish/292630527 feelings of severe despondency and dejection.
historical: A period of drastic decline in the national economy, characterized by decreasing business activity, falling prices, and unemployment.]]> 2018-10-15 01:34:02 UTC https://padlet.com/margun7594/wb0obbfmcugl/wish/292630527 Federal reserve margun7594 https://padlet.com/margun7594/wb0obbfmcugl/wish/292630555 The Federal Reserve System, often referred to as the Federal Reserve or simply "the Fed," is the central bank of the United States.
historical: It was created by the Congress to provide the nation with a safer, more flexible, and more stable monetary and financial system.]]> 2018-10-15 01:34:12 UTC https://padlet.com/margun7594/wb0obbfmcugl/wish/292630555 Sole proprietorship margun7594 https://padlet.com/margun7594/wb0obbfmcugl/wish/292630577 A sole proprietorship, also known as the sole trader, individual entrepreneurship or proprietorship, is a type of enterprise that is owned and run by one person and in which there is no legal distinction between the owner and the business entity.
historical:The History About Sole Proprietorship Law Company Business Partnership Essay.]]> 2018-10-15 01:34:18 UTC https://padlet.com/margun7594/wb0obbfmcugl/wish/292630577 partnership margun7594 https://padlet.com/margun7594/wb0obbfmcugl/wish/292630677 the state of being a partner or partners.
historical:Public-private partnership (PPP), partnership between an agency of the government and the private sector in the delivery of goods or services to the public.]]> 2018-10-15 01:34:53 UTC https://padlet.com/margun7594/wb0obbfmcugl/wish/292630677 corporation margun7594 https://padlet.com/margun7594/wb0obbfmcugl/wish/292630711 a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.

]]> 2018-10-15 01:35:01 UTC https://padlet.com/margun7594/wb0obbfmcugl/wish/292630711 Nonprofit organizations margun7594 https://padlet.com/margun7594/wb0obbfmcugl/wish/292630758 A nonprofit organization, also known as a non-business entity or nonprofit institution, is dedicated to furthering a particular social cause or advocating for a shared point of view.
historical:Nonprofits are tax exempt or charitable, meaning they do not pay income tax on the money that they receive for their organization.]]> 2018-10-15 01:35:17 UTC https://padlet.com/margun7594/wb0obbfmcugl/wish/292630758 cooperatives margun7594 https://padlet.com/margun7594/wb0obbfmcugl/wish/292630822 a farm, business, or other organization that is owned and run jointly by its members, who share the profits or benefits.
historical:The history of the cooperative movement concerns the origins and history of cooperatives.]]> 2018-10-15 01:35:43 UTC https://padlet.com/margun7594/wb0obbfmcugl/wish/292630822 Banks margun7594 https://padlet.com/margun7594/wb0obbfmcugl/wish/292630841 the land alongside or sloping down to a river or lake.
historical:a bank other than a payor bank that presents a negotiable instrument or promise or order to pay money.]]> 2018-10-15 01:35:52 UTC https://padlet.com/margun7594/wb0obbfmcugl/wish/292630841 Labor union margun7594 https://padlet.com/margun7594/wb0obbfmcugl/wish/292630859 work, especially hard physical work.
historical: Labor history or labour history is a sub-discipline of social history which specialises on the history of the working classes and the labor movement.]]> 2018-10-15 01:35:58 UTC https://padlet.com/margun7594/wb0obbfmcugl/wish/292630859 Wall street margun7594 https://padlet.com/margun7594/wb0obbfmcugl/wish/292630906 Wall Street is a street in lower Manhattan that is the original home of the New York Stock Exchange and the historic headquarters of the largest U.S. brokerages and investment banks.

]]> 2018-10-15 01:36:17 UTC https://padlet.com/margun7594/wb0obbfmcugl/wish/292630906 inflation margun7594 https://padlet.com/margun7594/wb0obbfmcugl/wish/292630921 the action of inflating something or the condition of being inflated.
Historical:the rate at which the general level of prices for goods and services is rising and, consequently, the purchasing power of currency is falling.]]> 2018-10-15 01:36:28 UTC https://padlet.com/margun7594/wb0obbfmcugl/wish/292630921 Equililbrium price margun7594 https://padlet.com/margun7594/wb0obbfmcugl/wish/292630932 a state in which opposing forces or influences are balanced.
historical: Another way of defining equilibrium is to say that a system is in equilibrium when the forward and reverse reactions occur at equal rates.]]> 2018-10-15 01:36:34 UTC https://padlet.com/margun7594/wb0obbfmcugl/wish/292630932 interest rates margun7594 https://padlet.com/margun7594/wb0obbfmcugl/wish/292631003 the proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.
historical: Interest rate is the amount charged, expressed as a percentage of principal, by a lender to a borrower for the use of assets.]]> 2018-10-15 01:37:00 UTC https://padlet.com/margun7594/wb0obbfmcugl/wish/292631003 Elasticity margun7594 https://padlet.com/margun7594/wb0obbfmcugl/wish/292631019 the ability of an object or material to resume its normal shape after being stretched or compressed; stretchiness. 
Historical:  the quality or state of being elastic such as. a the capability of a strained body to recover its size and shape after deformation springiness.]]> 2018-10-15 01:37:06 UTC https://padlet.com/margun7594/wb0obbfmcugl/wish/292631019