Vocabulary
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show | study of choices a person or society makes to satisfy needs and wants
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show | a desire; not needed for survival
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Need | show 🗑
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Microeconomics | show 🗑
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show | Study of behavior and statistics of entire economies; example: interest rates, unemployment rate
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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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show | everything you can no longer do or buy because you chose something else
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show | the next best thing that you give up in order to get something
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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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Capital | show 🗑
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show | refers to skills and knowledge in the ability to produce
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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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Marginal Costs | show 🗑
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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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Cost Benefit Analysis | show 🗑
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Problem | show 🗑
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Goods | show 🗑
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Consumer good | show 🗑
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Capital goods | show 🗑
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show | cannot be touched
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show | People who need goods and services
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Consumption | show 🗑
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Production Possibilities Curve | show 🗑
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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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show | Individuals and businesses own productive resources and decide the three basic questions, Market prices that result from these decisions act as signals to producers, telling them what buyers want, G&S are allocated on the basis of prices
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Command Economy | show 🗑
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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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Free competition | show 🗑
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Regulation | show 🗑
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To hide a column, click on the column name.
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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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