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Economics 1-Social Studies
Vocabulary lesson dealing with words in economics.
62
Economics
12th Grade
01/24/2012

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Term
autocratic
Definition
of or like a ruler; having absolute power or authority; despotic.
Term
consumption
Definition
a consuming or using up.
Term
deem
Definition
to have an opinion; to think, believe, or consult.
Term
entrepreneur
Definition
a person who organizes or manages a business or industry in the hope of making a profit but risking a loss.
Term
expropriate
Definition
to take land or possessions from an owner, especially for public use.
Term
meritorious
Definition
worthy of praise or reward; having merit.
Term
moot
Definition
debatable; doubtful; capable of being argued.
Term
naive
Definition
childlike; simple in nature; unsophisticated.
Term
obsolescence
Definition
a passing out of use; becoming outmoded or wearing out.
Term
pecuniary
Definition
of or having to do with money; in the form of money.
Term
remuneration
Definition
a reward; pay; payment.
Term
replete
Definition
filled; abundantly supplied.
Term
shackles
Definition
anything that prevents freedom of action, thought, etc.
Term
siblings
Definition
brothers and/or sisters.
Term
utopia
Definition
an ideal place or state; a visionary system of political or social reform.
Term
anathema
Definition
a person or thing that is utterly detested.
Term
aspersion
Definition
a damaging or false statement.
Term
bourgeouis
Definition
a person of the middle class; a property or business owner.
Term
bourgeouisie
Definition
the class of property owners and businessmen.
Term
effectual
Definition
producing or capable of producing a desired effect.
Term
fluctuate
Definition
to vary irregularly; to change continually.
Term
foment
Definition
to stir up trouble, rebellion, etc.; to instigate.
Term
implement
Definition
to carry out; to get done.
Term
inflammatory
Definition
tending to excite or arouse.
Term
nominal
Definition
existing in name only; not real.
Term
predilection
Definition
a liking or preference.
Term
proletariat
Definition
the working class; the lowest class in economic and social status.
Term
propensity
Definition
a natural inclination or bent.
Term
restraint
Definition
a holding back or hindering from action.
Term
squalor
Definition
misery and dirt; filth.
Term
affluent
Definition
having an abundance of money and property; wealthy.
Term
aggregate
Definition
the total amount; the sum.
Term
alleged
Definition
stated positively to be true but without proof; doubtful.
Term
bursar
Definition
a treasurer, especially of a college or university.
Term
macroeconomics
Definition
the study of the economy as a whole.
Term
microeconomics
Definition
the study of individual units of an economy.
Term
opt
Definition
to choose or favor.
Term
originary
Definition
original; productive, constituting a source.
Term
ostentatious
Definition
done to attract attention; showing off.
Term
postulate
Definition
a fundamental principle; a necessary condition.
Term
propound
Definition
to put forward; to propose.
Term
prospective
Definition
expected; that which has been promised; looking forward in time.
Term
rationale
Definition
a statement of reasons; the fundamental reasons to account for something.
Term
reparations
Definition
compensation for wrong or injury, especially payments made by a defeated nation for the devastation of territory during war.
Term
squander
Definition
to spend foolishly; to waste.
Term
originary interest
Definition
a payment to the lender for the use of his money.
Term
pure profit
Definition
a payment for the risk factor inherent in a loan.
Term
inflation premium
Definition
compensation to the lender for an expected decrease in the value of money.
Term
pure interest
Definition
rate paid for using money without consideration for the supply of funds, demand for loans, risk factors, duration, or administering costs.
Term
economics
Definition
the systematic study of the production, distribution, and consumption of goods and services.
Term
economic system
Definition
the method by which economic problems are solved in a particular society.
Term
revenue
Definition
income, or money coming in.
Term
black market
Definition
the selling of goods at illegal prices or in illegal quantities.
Term
real price
Definition
labor.
Term
nominal price
Definition
money.
Term
natural price
Definition
the cost of production.
Term
market price
Definition
the selling price.
Term
demand
Definition
the desire for a product.
Term
absolute demand
Definition
demand without the ability to pay.
Term
effectual demand
Definition
demand with willingnessand ability to pay.
Term
laissez-faire
Definition
the principle that trade, business, industry, etc., should operate with very little or no interference or regulation by the government.
Term
equilibrium
Definition
term used for a stable economy.
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