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| 14695364076 | Economics | The study of how people seek to satisfy their needs and wants by making choices | 0 | |
| 14695369030 | economic perspective | a viewpoint that envisions individuals and institutions making rational decisions by comparing the marginal benefits and marginal costs associated with their actions | 1 | |
| 14695373011 | Scarcity | A situation in which unlimited wants exceed the limited resources available to fulfill those wants | 2 | |
| 14695378130 | opportunity cost | the most desirable alternative given up as the result of a decision | 3 | |
| 14695379616 | Utility | Ability or capacity of a good or service to be useful and give satisfaction to someone. | 4 | |
| 14695381539 | marginal analysis | analysis that involves comparing marginal benefits and marginal costs | 5 | |
| 14695382930 | Scientific Method | A series of steps followed to solve problems including collecting data, formulating a hypothesis, testing the hypothesis, and stating conclusions. | 6 | |
| 14695384709 | Economic principle | a widely accepted generalization about the economic behavior of individuals or institutions | 7 | |
| 14695386959 | other things equal assumption | all other relevant factors remain unchanged | 8 | |
| 14695388376 | Microeconomics | the study of how households and firms make decisions and how they interact in markets | 9 | |
| 14695388377 | Macroeconomics | the study of economy-wide phenomena, including inflation, unemployment, and economic growth | 10 | |
| 14695389513 | Aggregate | total | 11 | |
| 14695395514 | positive economics | the branch of economic analysis that describes the way the economy actually works | 12 | |
| 14695396878 | normative economics | makes prescriptions about the way the economy should work | 13 | |
| 14695399995 | economizing problem | the need to make choices because economic wants exceed economic means | 14 | |
| 14695402569 | 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. | 15 | |
| 14695406039 | Economic resources | the means through which goods and services are produced | 16 | |
| 14695410593 | Land | all natural resources used to produce goods and services | 17 | |
| 14695410594 | Labor | All Human Resources used to produce goods and services | 18 | |
| 14695417797 | Capital | money for investment | 19 | |
| 14695423073 | investment | spending on capital equipment, inventories, and structures, including household purchases of new housing | 20 | |
| 14695426504 | entrepreneurial ability | the imagination required to develop a new product or process, the skill needed to organize production, and the willingness to take the risk of profit or loss | 21 | |
| 14695428650 | Entrepreneur | A person who organizes, manages, and takes on the risks of a business. | 22 | |
| 14695431947 | factors of production | Land, labor, and capital; the three groups of resources that are used to make all goods and services | 23 | |
| 14695434546 | consumer goods | products and services that satisfy human wants directly | 24 | |
| 14695434547 | Captial Goods | Machines, buildings, and tools used in making automobiles are examples of capital goods. | 25 | |
| 14695439307 | production possibilities curve | a graph that shows alternative ways to use an economy's productive resources | 26 | |
| 14695441473 | Law of increasing | When shifting from making one good or service to another the cost of producing the second item increases. | 27 | |
| 14695443667 | opportunity cost | the most desirable alternative given up as the result of a decision | 28 | |
| 14695443668 | economic growth | the ability of the economy to increase the production of goods and services | 29 | |
| 14695450849 | economic system | the method used by a society to produce and distribute goods and services | 30 | |
| 14695451765 | laissez-faire capitalism | an economic system in which the means of production and distribution are privately owned and operated for profit with minimal or no government interference | 31 | |
| 14695453161 | 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 | 32 | |
| 14695457892 | market system | All the product and resource markets of a market economy and the relationships among them; a method that allows the prices determined in those markets to allocate the economy's scarce resources and to communicate and coordinate the decisions made by consumers, firms, and resource suppliers. | 33 | |
| 14695462543 | private property | property owned by individuals or companies, not by the government or the people as a whole | 34 | |
| 14695463632 | 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. | 35 | |
| 14695474628 | 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. | 36 | |
| 14695476547 | self-interest | one's own personal gain | 37 | |
| 14695476548 | Competition | The struggle between two producers to win consumers | 38 | |
| 14695486678 | market | a group of buyers and sellers of a particular good or service | 39 | |
| 14695488664 | Specialization | the concentration of the productive efforts of individuals and firms on a limited number of activities | 40 | |
| 14695494086 | division of labor | Division of work into a number of separate tasks to be performed by different workers | 41 | |
| 14695495347 | medium of exchange | anything that is used to determine value during the exchange of goods and services | 42 | |
| 14695495348 | barter | Exchange goods without involving money. | 43 | |
| 14695499479 | money | anything that serves as a medium of exchange, a unit of account, and a store of value | 44 | |
| 14695503007 | consumer sovereignty | the power of consumers to decide what gets produced | 45 | |
| 14695505111 | dollar votes | The "votes" that consumers and entrepreneurs cast for the production of consumer and capital goods, respectively, when they purchase those goods in product and resource markets. | 46 | |
| 14695507625 | creative destruction | the hypothesis that the creation of new products and production methods simultaneously destroys the market power of existing monopolies | 47 | |
| 14695512480 | invisible hand | term economists use to describe the self-regulating nature of the marketplace | 48 | |
| 14695512802 | circular flow diagram | a visual model of the economy that shows how dollars flow through markets among households and firms | 49 | |
| 14696955720 | House holds | consumers as individuals or in groups living under one roof | 50 | |
| 14696958766 | business | any activity that seeks to provide goods and services to others while operating at a profit | 51 | |
| 14696959190 | Sole Proprietorship | A business owned by one person | 52 | |
| 14696959481 | Partnership | A business in which two or more persons combine their assets and skills | 53 | |
| 14696959482 | Corporation | A business owned by stockholders who share in its profits but are not personally responsible for its debts | 54 | |
| 14696962745 | product market | the market in which households purchase the goods and services that firms produce | 55 | |
| 14696962924 | resource market | a market in which households sell and firms buy resources or the services of resources | 56 |
