Terms : Hide Images
| 5988559492 | Factors of Production | The four economic resources: land, labor, capital, and entrepreneurial ability. | 0 | |
| 5988559493 | Consumer Goods | Goods that give direct satisfaction. | 1 | |
| 5988559494 | Capital Goods | Goods that give indirect satisfaction. | 2 | |
| 5988559495 | Production Possibilities Curve (PPC) | Curve that displays the different combinations of goods and services that society can produce in a fully employed economy, assuming a fixed availability of supplies or resources and fixed technology. | 3 | |
| 5988559496 | Law of Increasing Opportunity Costs | As the production of a particular good increases, the opportunity cost of producing an individual unit increases. | 4 | |
| 5988559497 | Economic Growth | (1) An outward shift in the PPC that results from an increase in resource supplies or quality or an improvement in technology; (2) an increase of real output (gross domestic product) or real output per capita. | 5 | |
| 5988559498 | Market System | Economic system that is characterized by a mixture of centralized government economics initiatives and decentralized actions taken by individuals and firms. | 6 | |
| 5988559499 | Command System | Economic system in which government owns most property resources and economic decision-making is set by a central economic plan created and enforced by the government. | 7 | |
| 5988559500 | Circular Flow Model | An illustration showing 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. |  | 8 |
| 5988559501 | Resource Market | A market in which households sell and firms buy resources or the services of resources. | 9 | |
| 5988559502 | Product Market | A market in which products are sold by firms and bought by households. | 10 | |
| 5988559503 | Private Property | The right of private persons and firms to obtain, own, control, employ, dispose of, and bequeath land, capital, and other property. | 11 | |
| 5988559504 | Freedom of Enterprise | The freedom of firms to obtain economic resources, to use those resources to produce products of the firm's own choosing, and to sell their products in markets of their choice. | 12 | |
| 5988559505 | Freedom of Choice | The freedom of 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 consumers to spend their incomes in a manner that they think is appropriate. | 13 | |
| 5988559506 | Competition | The effort and striving between two or more independent rivals to secure the business of one or more third parties by offering the best possible terms. | 14 | |
| 5988559507 | Money | Any item that is generally acceptable to sellers in exchange for goods and services. | 15 | |
| 5988559508 | Barter | The direct exchange of one good or service for another good or service. | 16 | |
| 5988559509 | Expanding Industry | An industry whose total output is increasing because positive economic profits lead many firms to enter the industry. | 17 | |
| 5988559510 | Declining Industry | An industry whose total output is declining because negative economic profits lead many firms to exit the industry. | 18 | |
| 5988559511 | Consumer Sovereignty | The determination by consumers of the types and quantities of goods and services that will be produced with the scarce resources of the economy. Also known as "consumer choice." | 19 | |
| 5988559512 | Dollar Votes | The "votes" that consumers cast for the production of preferred products when they purchase those products rather than the alternatives that were also available. | 20 | |
| 5988559513 | Guiding Function of Prices | The ability of price changes to bring about changes in the quantities of the products and resources demanded and supplied. | 21 |
