Terms : Hide Images
| 7456590655 | scarcity | the basic economic problem; it is a lack of needed or wanted resources relative to the demand for the resources. | 0 | |
| 7456590657 | rational self-interest | individuals pursue actions that will enable them to achieve their greatest satisfaction | 1 | |
| 7456590658 | opportunity cost | the thing you give up when you make any choice- it is the NEXT best option | 2 | |
| 7456590659 | marginal analysis | comparisons of costs and benefits of creating one additional unit- or doing something one more time | 3 | |
| 7456590660 | ceteris paribus | other-things equal assumption; assumes that all other variables except those under immediate consideration are held constant | 4 | |
| 7456590661 | microeconomics | looks at specific economic units such as businesses and consumer behavior | 5 | |
| 7456590662 | macroeconomics | Study of economics at the national level, total output, unemployment, inflation | 6 | |
| 7456590663 | positive economics | states economics by facts,avoiding value judgements | 7 | |
| 7456590664 | normative economics | incorporates value judgements | 8 | |
| 7456590665 | utility | the pleasure, happiness, or satisfaction obtained from consuming a good or service. | 9 | |
| 7456590666 | factors of production | Land, Labor, Capital, and Entrepreneurship | 10 | |
| 7456590667 | command economy (socialism, communism) | system that relies on public ownership of resources and the use of central planning; government makes most economic decisions | 11 | |
| 7456590668 | market economy | private ownership of resources; markets and prices coordinate economic activity; government plays a role in the economy by providing rules, enforcing contracts, providing public goods | 12 | |
| 7456590669 | specialization | an individual, business, or nation chose to produce whatever provides the most utility | 13 | |
| 7456590670 | consumer goods | goods made for direct consumption | 14 | |
| 7456590671 | trade-offs | all possible options | 15 | |
| 7456590672 | PPC shifters | change in resource availability, change in technology or productivity, | 16 | |
| 7456590673 | production possibilities curve | a model showing the trade-offs between two economic choices; illustrates the concept of opportunity cost |  | 17 |
| 7456590674 | Mixed Economy | Market-based economic system with limited government involvement | 18 | |
| 7456590676 | Interest rate | The % that a saver is paid OR the cost of borrowing | 19 | |
| 7456590680 | Capital goods | Capital goods are things used to make other goods or services | 20 |
