Microeconomics Word Scramble
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| Term | Definition |
| Economics | The study of scarcity and choices |
| Scarcity | Scarcity of resources (factors of production) |
| Factors of Production | Land, Labor, Capital, Entrepreneurship |
| Land | Nature |
| Labor | Human labor |
| Capital | Tools, equipment |
| Entrepreneurship | Person with a good idea |
| Market Economy | individuals and firms allocate resources (Australia) |
| Centrally Planned Economy | Government decides allocation of resources (Cuba) |
| 3 main questions in Economy | What to produce? How to Produce? Who gets it? |
| 3 Principles of Economics | 1.) Society and individuals face trade-offs 2.) Opportunity costs - what you give up to get something (implicit and explicit) 3.) People respond to incentives |
| Positive Statement | Can be rejected or accepted with data - how the world is (example "unemployment is 8%") |
| Normative Statement | Cant be rejected or accepted with the data. It depends on values and judgement- how the world should be. (Example "unemployment is low" |
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