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| 6585231126 | Economics | The social science concerned with how individuals, institutions and society makes the best decision under the condition of scarcity | 0 | |
| 6585231127 | Economic Perspective | A viewpoint that envisions individuals and institutions making rational decision by comparing the marginal benefits and marginal costs associated with their actions | 1 | |
| 6585231128 | Opportunity Cost | The amount of other products that must be forgone or sacrificed to produce a unit of a product | 2 | |
| 6585231129 | Utility | The want satisfying power of a good or service; the satisfaction or pleasure a consumer obtains from the consumption of good or service | 3 | |
| 6585231130 | Marginal Analysis | The comparison of marginal benefits and marginal cost usually from decision making | 4 | |
| 6585231131 | Scientific Method | The procedure for the systematic pursuit of knowledge involving the observation of facts and the formulation and testing of hypothesis to obtain theories, principles and laws | 5 | |
| 6585231132 | Economic Principle | A widely accepted generalization about the economic behavior of individuals or institutions | 6 | |
| 6585231133 | Other-things-equal Assumption | The assumption that factors other than those being considered are held constant | 7 | |
| 6585231134 | Microeconomics | Concerns with decision making by individuals units such as households, a firm, or an industry and with individuals markets, specific good and services, and product and resources prices | 8 | |
| 6585231135 | Macroeconomics | Concerned with the economy as a whole ; such as major aggregates as the household, business and government sector; and with measure of the total economy | 9 | |
| 6585231136 | Aggregate | A collection of specific economic units treated as one; example price level- all prices of individuals goods and services; GDP- all units of output | 10 | |
| 6585231137 | Positive Economics | The analysis of facts or data to establish scientific generalizations about economic behavior | 11 | |
| 6585231138 | Normative Economics | The part of economics involving value judgements about what the economy should be like; focused on which economic goals and polices should be implemented; policy economics | 12 | |
| 6585231139 | Budget Line | A line that shows the different combinations of two products a consumer can purchase with a specific money income given the products' prices | 13 | |
| 6585231140 | Economic Resources | Land, labor, capital, and entrepreneurial ability that are used in the production of goods and services; productive agents; factors of production | 14 | |
| 6585231141 | Economizing Problem | The choices necessitated because society's economic wants for goods and services are unlimited but the resources available to satisfy these wants are limited (scarce) | 15 | |
| 6585231142 | Land | Natural resources used to produce goods or services | 16 | |
| 6585231143 | Labor | People's physical and mental talents and efforts that are used to help produce good and services | 17 | |
| 6585231144 | Capital | Human made resources used to produce goods and services (building, machinery, equipment) | 18 | |
| 6585231145 | Investment | Spending for the production and accumulation of capital and additions to inventories | 19 | |
| 6585231146 | Entrepreneurial Ability | The human resource that combines the other resources to produce a product, makes non-routine decisions, innovates, and bears risk | 20 | |
| 6585231147 | Factors of Production | Economic resources: land, labor, capital, and entrepreneurial ability | 21 | |
| 6585231148 | Consumer Goods | Products or services that satisfy human wants directly | 22 | |
| 6585231149 | Capital Goods | Good that do not directly satisfy human wants | 23 | |
| 6585231150 | Production Possibilities Curve | A curve showing the different combinations of 2 goods or services that can be produced in a full-employment, full-production economy where the available supplies of resources and technology are fixed | 24 | |
| 6585231151 | Law of Increasing Opportunity Cost | The principle that as the production of goods increases the opportunity cost of producing an additional unit rises | 25 | |
| 6585231152 | Economic Growth | An outward shift in the production possibilities curve that results from an increase in resources supplies or quantity or an improvement in technology; an increase of real output (GDP) or real output per capita | 26 | |
| 6585231153 | Economic System | A particular set of institutional; arrangements and a coordinating mechanism for solving the economizing problem; a method of organizing an economy, of which the market system and the command system are the 2 general types | 27 | |
| 6585231154 | Command System | A method of organizing an economy in which property resources are publicly owned and government uses central economic planning to direct and coordinate economic activities; command economy; communism | 28 | |
| 6585231155 | Market System | All the products and resources markets of a market economy and the relationship among them; a method that allows the prices determined in those markets to allocate the decisions made by consumers, firms, and resources suppliers | 29 | |
| 6585231156 | Private Property | The right of private persons and firms to obtain, own, control, employ, dispose of, and bequeath land, capital, and other property | 30 | |
| 6585231157 | Freedom of Enterprise | The freedom of firms to obtain economic resources to use those resources to produce products of the firms own choosing and to sell their profits in market of their choice | 31 | |
| 6585231158 | Freedom of Choice | The freedom for owners of property resources to employ or dispose of them as they see fit, of workers to enter any line of work for which they are qualified and of customers to spend their incomes in a manner that they think is appropriate | 32 | |
| 6585231159 | Self-Interest | That which each firm, property owner, worker, and consumer believes is best for itself and seeks to obtain | 33 | |
| 6585231160 | Competition | The presence in the market of individual buyers and sellers competing with one another along with the freedom of buyers and sellers to enter and leave the market. | 34 | |
| 6585231161 | Market | Any institution or mechanism that being together buyers (demanders) and sellers (suppliers) of a particular good or service | 35 | |
| 6585231162 | Specialization | The use of the resources of an individual, a firm, a region, or a nation to concentrate production on one or a small number of goods and services. | 36 | |
| 6585231163 | Division of Labor | The separation of work required to produce a product into a number of different tasks that are preformed into by different workers; specialization of workers | 37 | |
| 6585231164 | Medium of Exchange | Any item sellers generally accept and buyers generally use to pay for a good or service; money; a convenient means of exchanging goods and services without engaging in barter | 38 | |
| 6585231165 | Barter | The exchange of 1 good or service for another good or service | 39 | |
| 6585231166 | Money | Any item that is generally acceptable to sellers in exchange for goods and services | 40 | |
| 6585231167 | Consumer Sovereignty | Determination by consumers of the types and quantities of goods and service that will be produced with the scarce resources of the economy; consumers' direction of production though their dollar votes | 41 | |
| 6585231168 | Dollar Votes | The "votes" that consumers and entrepreneurs cost for the production of consumers and capital goods respectively when they purchase those goods in product and resource market | 42 | |
| 6585231169 | Creative Destructive | The hypothesis that the creation of new products and production methods simultaneously destroys the market power of existing monopolies | 43 | |
| 6585231170 | "Invisible Hand" | The tendency of firms and resources suppliers that seek to further their own self interests in competitive markets to also promote the interest of society | 44 | |
| 6585231171 | Circular Flow Diagram | The flow of resources from households to firms and of products from firms to households. These flows are accompanied by reverse flows of money from firms to households and from households to firms. | 45 | |
| 6585231172 | Resource Market | A market in which households sell and firms buy resources or the services of resources. | 46 | |
| 6585231173 | Product Market | A market in which products are sold by firms and bought by households. | 47 | |
| 6585231174 | Demand | The amounts of a good or service that buyers wish to purchase at various prices during some time period | 48 | |
| 6585231175 | Demand Schedule | A schedule showing the amounts of a good or service that buyers wish to purchase at various prices during some time period | 49 | |
| 6585231176 | Law of Demand | The principle, when other things equal, an increase in a products price will reduce the quantity of its demand and conversely for a decrease in price | 50 | |
| 6585231177 | Diminishing Marginal Utility | The principle that as a consumer increases the consumption of a good or service the marginal utility obtained from each addition unit of good or service decreases | 51 | |
| 6585231178 | Income Effect | A change in the quantity demanded of a product that results from the change in real income caused by a change in the products price | 52 | |
| 6585231179 | Demand Curve | A curve illustrating demand |  | 53 |
| 6585231180 | Substitution Effect | A change in the quantity demanded of a consumer good that results from a change in its relative expensiveness caused by a change in the products price | 54 | |
| 6585231181 | Determinants of Demand | Factors other than the price that determine the quantities demanded of a good or service | 55 | |
| 6585231182 | Normal Goods | A good or service whose consumption increases when the income increases and falls when income decreases prices remain constant | 56 | |
| 6585231183 | Inferior Goods | A good or service whose consumption declines as income risers, prices held constant | 57 | |
| 6585231184 | Substitute Good | Product or service that can be used in place of each other, When the price of one falls the demand for the other product falls conversely when the price of one product rises the demand for the other product rises | 58 | |
| 6585231185 | Complementary Good | Products or services that are used together. Then the price of one fall the demand for the other increases. | 59 | |
| 6585231186 | Change in Demand | A change in the quantity of good or service demanded at every price; a shift in the demand curve to the left or right | 60 | |
| 6585231187 | Change in Quantity Demanded | A change in the amount of a product that consumers are willing and able to purchase because of change in the product's price | 61 | |
| 6585231188 | Supply | The amounts of good or services that sellers will offer at various prices during some periods | 62 | |
| 6585231189 | Supply Schedule | A schedule showing the amounts of good or services that sellers will offer at various prices during some periods | 63 | |
| 6585231190 | Law of Supply | The principle, when other things equal, an increase in the price of a product will increase the quantity of it supplied and conversely for a price decrease | 64 | |
| 6585231191 | Supply Curve | A curve illustrating supply | | 65 |
| 6585231192 | Determinants of Supply | Factors other than the price that determine the quantities supplied of a good or service | 66 | |
| 6585231193 | Change in Supply | A change in the quantity supplied of a good or service at every price; a shift of the supply curve to the left or right | 67 | |
| 6585231194 | Change in Quantity Supplied | A change in the amount of a product that producers offer for sale because of a change in the product's price. | 68 | |
| 6585231195 | Equilibrium Price | The price in a competitive market at which the quantity demanded and the quantity supplied are equal there is neither a shortage nor a surplus and there is no tendency for price to rise or fall | 69 | |
| 6585231196 | Equilibrium Quantity | The quantity demanded and supplied at equilibrium price in competitive markets; the profit maximizing output of a firm | 70 | |
| 6585231197 | Surplus | The amount by which the quantity supplied of a product exceeds the quantity demanded at a specific price | 71 | |
| 6585231198 | Shortage | The amount by which the quantity demanded of a product exceeds the quantity supplied at a particular price | 72 | |
| 6585231199 | Productive Efficiency | The production of a good in the least costly way; occurs when production takes place at the output in which average total cost is a minimum and marginal product per dollar's worth of input is the same for all inputs. | 73 | |
| 6585231200 | Allocation Efficiency | The apportionment of resources among firms and industries to obtain the production of the products most wanted by society (consumers); the output of each product at which its marginal cost and price or marginal benefit are equal | 74 | |
| 6585231201 | Price Ceiling | The legally established maximum price for a good or service | 75 | |
| 6585231202 | Price Floor | The legally determined minimum price above the equilibrium price | 76 |
