Terms : Hide Images
| 8557063009 | Scarcity | Limited resources and unlimited wants | 0 | |
| 8557063010 | Trade-off | Giving up one thing for another | 1 | |
| 8557063011 | Opportunity Cost | whatever must be given up to obtain some item; next best option | 2 | |
| 8557063012 | Factors of Production | Land (natural resources), Labor (work done to produce goods/services), Capital (tools/machinery), Entrepreneurship (someone who combines all factors to make a profit) | 3 | |
| 8557063013 | Constant Opportunity Cost | Resources are easily adaptable for producing either good (straight line) | 4 | |
| 8557063014 | Increasing Opportunity Cost | One factor increasing while the other decreases (bowed) | 5 | |
| 8557063015 | Absolute Advantage | the ability to produce a specific product more efficiently than any other nation (the best) | 6 | |
| 8557063016 | Comparative Advantage | the ability to produce a good at a lower opportunity cost than another producer (not so bad at) | 7 | |
| 8557063017 | Economics | the study of how society manages its scarce resources | 8 | |
| 8557063018 | Efficiency | the property of society getting the most it can from its scarce resources | 9 | |
| 8557063019 | Equality | the property of distributing economic prosperity uniformly among the members of society | 10 | |
| 8557063020 | Rational People | systematically and purposefully do the best they can to achieve their objectives | 11 | |
| 8557063021 | Marginal Change | a small incremental adjustment to a plan of action | 12 | |
| 8557063022 | Circular Flow Diagram | a visual model of the economy that shows how dollars flow through markets among households and firms | 13 | |
| 8557063023 | Production Possibilities Frontier (PPF) | Graph that shows the combinations of outputs an economy can produce given the available factors of production and the available production technology | 14 | |
| 8668714731 | Another term for marginal | Additional | 15 | |
| 8668714732 | Input problem | Other goes under | 16 | |
| 8668714733 | Output problems | Other goes over | 17 |
