BCSC Essential Vocabulary – Social Studies, Economics

Scarcity & Economic Reasoning / Supply & Demand / Market Structures / The Role of Government / National Economic Performance / Money and the Role of Financial / Economic Stabilization / Trade
productive resource / supply / business organization / government in a market economy / aggregate supply / money / fiscal policy / benefits of trade
natural resource / demand / sole proprietorship / market failure / aggregate demand / U.S. money supply / monetary policy / absolute advantage
human resource / factors affecting supply and demand / partnership / revenue category / Gross Domestic Product / financial institutions in the U.S. economy / impact of unemployment on economy / comparative advantage
capital resource / buyer / corporation / expenditure category / economic growth / Federal Reserve System / impact of unintended inflation on economy / trade barrier
consumer / seller / retained earnings / local government budget / inflation / credit services / protection from unemployment / quota
producer / equilibrium price / stock issues / state government budget / unemployment / savings services / protection from inflation / tariff
scarcity / prices as market signals / borrowing / federal government budget / economic welfare / investment services / cost-push inflation / balance of trade
opportunity cost / consumer sovereignty / economic institution / tax revenue in the community / phases of the business cycle / fractional reserve banking / demand-pull inflation / balance of payments
tradeoff / profit / labor union / student-paid taxes / impact of events on business cycles / financial investments / monetary policy / trends in labor productivity
freedom / risk / non-profit organization / progressive tax / causes of inflation / stocks / inflation rate / comparative advantage
efficiency / product markets / cooperative / proportional tax / overall level of income / bonds / fiscal policy / exchange rate
Scarcity & Economic Reasoning / Supply & Demand / Market Structures / The Role of Government / National Economic Performance / Money and the Role of Financial / Economic Stabilization / Trade
equity / resource markets / market structure / regressive tax / overall level of employment / mutual funds / monetary tools / purchasing power
growth / financial markets / monopoly / income tax / overall price level / credit plan / impact of monetary policy / free trade
price stability / impact of price changes / oligopoly / sales tax / individual spending / interest rate / impact of fiscal policy / workplace skills
full employment / government wage control / monopolistic competition / social security tax / household production and spending decisions
positive incentive / government price control / pure competition / cost of government policy / business production and spending decisions
negative incentive / rent control / competition among sellers / benefit of government policy / government production and spending decisions
interest rate as incentive / minimum wage law / marginal analysis / national debt / aggregate supply
voluntary exchanges / shortage / price competition / federal spending / aggregate demand
traditional economy / surplus / non-price competition / federal taxation / unemployment rate
market economy / price elasticity / U.S. laws promoting competition / budget deficit / solutions for unemployment
command economy / impact of investment / natural monopoly (economies of scale) / budget surplus
mixed economy / productivity / government regulation of monopolies / national debt
property rights / standard of living / cartel
Scarcity & Economic Reasoning / Supply & Demand / Market Structures / The Role of Government / National Economic Performance / Money and the Role of Financial / Economic Stabilization / Trade
production possibilities curve / financial market / workers’ earnings
choice / stock market / market value of a product
scarcity / saver / worker productivity
opportunity cost / investor
tradeoff
unemployment
productivity
growth
decision-making model
public policy issue
savings plan
investment plan