Chaper 1-3 vocab
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| show | something essential for survival
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| Want | show 🗑
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| Goods | show 🗑
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| show | the actions or activities that one person performs for another
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| Scarcity | show 🗑
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| show | the study of how people seek to satisfy their needs and wants by making choices
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| Shortage | show 🗑
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| show | a person who decides how to combine resources to create goods and services
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| Factors of production | show 🗑
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| show | all natural resources used to produce goods and services
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| show | the effort people devote to tasks for which they are paid
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| Capital | show 🗑
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| show | human-made objects used to create other goods and services
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| show | the knowledge and skills a worker gains through education and experience
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| show | the act of giving up one benefit in order to gain another, gather benefit
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| "Guns or butter" | show 🗑
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| Opportunity cost | show 🗑
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| show | the process of deciding whether to do or use one additional unit of some resource
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| Cost/benefit analysis | show 🗑
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| Marginal cost | show 🗑
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| show | the extra benefit of adding one unit
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| show | a graph that shows alternative ways to use an economy's productive resources
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| Production possibilities frontier | show 🗑
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| Efficiency | show 🗑
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| show | the use of fewer resources than the economy is capable of using
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| show | an economic principle states that as production shifts from making one item to another, more and more resources are needed to increase production of the second item
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| show | the structure of methods and principles that a society uses to produce and distribute goods and services
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| show | the income of people receive in return for supplying factors of production
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| show | the amount of money a business receives in excess of the expenses
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| show | a set of government programs that protect people who face unfavorable economic conditions
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| Standard of living | show 🗑
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| show | the process of bringing new methods, products, or ideas into use
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| Traditional economy | show 🗑
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| show | any arrangement that allows buyers and sellers to exchange things
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| Specialization | show 🗑
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| show | an economic system in which decisions on the three key economic questions are based on voluntary exchange in markets
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| Household | show 🗑
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| show | an organization that uses resources to produce a product or service, which it then sells
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| Factor market | show 🗑
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| Product market | show 🗑
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| Self-interest | show 🗑
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| Incentive | show 🗑
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| Competition | show 🗑
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| Invisible hand | show 🗑
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| Consumer sovereignty | show 🗑
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| Centrally planned economy | show 🗑
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| Command economy | show 🗑
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| show | a range of economic and political systems based on the belief that wealth should be evenly throughout society
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| Communism | show 🗑
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| show | describes a form of government that limits individual freedoms and require strict obedience from their citizens
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| Laissez faire | show 🗑
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| show | property that is owned by individuals or companies and not by the government or the people as a whole
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| Mixed economy | show 🗑
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| Economic transition | show 🗑
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| Privatization | show 🗑
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| show | an economic system characterized by individual or corporate ownership of capital goods
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| show | the incentive that drives individuals and business owners to improve their material well-being
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| show | the principle that anyone can complete in the marketplace
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| Legal equality | show 🗑
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| Private property rights | show 🗑
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| show | the principle that people may decide what agreements they want to enter into
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| Voluntary exchange | show 🗑
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| show | a private organization that tries to persuade public officials to act in ways that benefit its members
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| show | love of one's country
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| Eminent domain | show 🗑
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| Public interest | show 🗑
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| Public disclosure laws | show 🗑
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| Macroeconomics | show 🗑
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| show | the study of the economic behavior and decision-making in small units, such as households and firms
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| show | the total value of all final goods and services produced in a country in a given year
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| show | a period of macroeconomic expansion, or growth, followed by one of contraction, or decline
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| Referendums | show 🗑
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| show | situation in which older products and processes become out-of-date
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| show | a government license that gives the inventor of a new product the exclusive right to produce and sell it
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| Copyright | show 🗑
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| show | a commitment to the value of work
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| Public good | show 🗑
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| Public sector | show 🗑
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| Private sector | show 🗑
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| show | the basic facilities that are necessary for a society to function and grow
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| Free rider | show 🗑
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| show | a situation in which the free market, operating on its own, does not distribute resources efficiently
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| show | an economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume
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| Poverty threshold | show 🗑
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| Welfare | show 🗑
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| show | direct payments of money by the government to poor, disabled, or retired people
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| show | goods and services provided for free or at greatly reduced prices
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| show | a financial award given by a government agency to a private individual or group in order to carry out a specific task
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