Vocabulary
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| Economics | show 🗑
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| Want | show 🗑
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| Need | show 🗑
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| Microeconomics | show 🗑
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| Macroeconomics | show 🗑
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| show | all the things that can be used to make goods
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| Scarcity | show 🗑
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| show | temporary lack of goods or resources
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| Tradeoff | show 🗑
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| Opportunity Costs | show 🗑
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| Factors of Production | show 🗑
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| show | FOP natural resources examples: trees, water, coal, oil used to produce goods and services
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| Labor | show 🗑
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| show | FOP Manufactured items used to make goods and services examples: building, machinery
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| Human Capital | show 🗑
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| show | FOP person who starts and runs a business (logging company, sawmill, Home Depot)
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| show | the use of land, labor and capital to produce goods and services more efficiently
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| Decision making: | show 🗑
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| show | increase in total cost when producer increases output by one unit
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| show | additional gain from consuming or producing one more unit of a good or service (measured by $ or satisfaction)
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| Utility | show 🗑
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| show | Used to decide whether an action should be taken based on costs and benefits
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| show | controversial assumptions used to put monetary value on things as lives or animal habitats saved, etc
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| Goods | show 🗑
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| Consumer good | show 🗑
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| Capital goods | show 🗑
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| Services | show 🗑
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| show | People who need goods and services
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| Consumption | show 🗑
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| show | Used to show the combination of two products that is possible with a given amount of resources
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| show | Classified by who answers three basic questions (what, how, for whom)
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| Traditional Economy | show 🗑
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| Market Economy: | show 🗑
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| show | An authority such as a feudal lord, a government agency, or central planners decide three basic questions and to whom goods and resources will be allocated
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| Adam Smith | show 🗑
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| Specialization | show 🗑
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| show | is the act of buyers and sellers freely and willingly engaging in market transactions
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| show | Efficient use of resources in production
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| show | decisions made by individual affects decisions made by other people or events in one part of the world or economy affect other parts
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| show | keeps prices low and quality high
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| show | using laws to control businesses
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
abreland
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