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| 8714604508 | Scarcity | Society has unlimited wants & limited resources | 0 | |
| 8714604509 | What are the 4 fundamental economic questions? | (1)*What* goods and services should be produced? (2)*How* should these goods and services be produced? (3)*Who* consumes these goods and services? (4)*Who* produces these goods and services | 1 | |
| 8714604513 | Trade-off | An exchange of one thing in return for another (you don get the one you give up) | 2 | |
| 8714604514 | Opportunity cost | What one must give up after making a certain choice | 3 | |
| 8714604515 | Macroeconomics | Focuses on the behavior of the market as a whole | 4 | |
| 8714604516 | Microeconomics | Focuses on the choices of individuals and firms | 5 | |
| 8714604519 | What are the 4 factors of production | Land, labor, capital, & entrepeneurship | 6 | |
| 8714604520 | Land | Resources which come from nature | 7 | |
| 8714604521 | Labor | Resource which is the effort of workers | 8 | |
| 8714604522 | Entrepeneurship | Resource which is the efforts made by entrepreneurs for production | 9 | |
| 8714604523 | Capital | Resource which is the manufactured good are used to make products/services | 10 | |
| 8714604524 | Production possibilities curve | Model that shows alternative ways that an economy can use its scarce resources | 11 | |
| 8714604525 | Points inside the frontier line are | obtainable, but not efficient | 12 | |
| 8714604526 | Points on the frontier line are | Obtainable & efficient | 13 | |
| 8714604527 | Points outside of the frontier line are | Unobtainable due to the lack of resources | 14 | |
| 8714604528 | What causes the PPC to shift? | Change in resource quantity/quality, technology, or trade | 15 | |
| 8714604529 | Increasing opportunity cost |  | 16 | |
| 8714604530 | Constant opportunity cost |  | 17 | |
| 8714604531 | Human capital | the skills and knowledge gained by a worker through education and experience | 18 | |
| 8714604532 | Physical capital | tools and equipment used in production | 19 | |
| 8714604533 | Specialization | Goods and services are produced in better quality, quantity and speed when people focus on producing a few things instead of making everything they want by themselves. | 20 | |
| 8714604534 | Comparative advantage | The ability of a country to produce a good at a lower cost than another country can. | 21 | |
| 8714604535 | Absolute advantage | the ability to produce a good using fewer inputs than another producer | 22 | |
| 8714604536 | Specialization is based on which advantage? | Comparative advantage | 23 | |
| 8714604537 | Law of demand | There is an inverse relationship between price and quantity demanded, as price goes up demand goes down | 24 | |
| 8714604538 | Law of supply | There is a direct relationship between price and quantity supplied, as price goes up supply goes up | 25 | |
| 8714604539 | What causes a movement along the supply or demand curve? | Change in price | 26 | |
| 8714604540 | What are the factors of demand? | (1)Change in income (2)Change in consumer tastes & preferences (3)Change in the price of supstitute & complimentary goods (4)Change in the expected future price of a good (5)Change in the number of consumer | 27 | |
| 8714604541 | Inferior good | a good that consumers demand less of when their incomes increase | 28 | |
| 8714604542 | Normal good | a good that consumers demand more of when their incomes increase | 29 | |
| 8714604543 | Increase in demand/supply | Curve shifts right | 30 | |
| 8714604544 | Decrease in demand/supply | Curve shifts left | 31 | |
| 8714604545 | Market day supply | a special type of supply curve/situation where quantity is fixed (ex: concert tickets) | 32 | |
| 8714604546 | What are the factors of supply? | (1)Change in costs of production (2)Change in technology (3)Change in numbers of producers (4)Change in taxes (5)Change in the producers expectations | 33 | |
| 8714604547 | Market equilibrium | Quantity demanded equals quantity supplied | 34 | |
| 8714604548 | Shortage | Quantity demanded is greater than quantity supplied (prices will increase) | 35 | |
| 8714604549 | Surplus | Quantity demanded is less than quantity supplies (prices will decrease) | 36 | |
| 8714604550 | Price floor | a minimum price for a good or service (ex. minimum wage) causes a surplus | 37 | |
| 8714604551 | Price ceiling | a maximum price for a good or service (rentals) causes a shortage | 38 | |
| 8714604552 | The circular flow model | Demonstrates the way that money and goods and services flow between households and firms | 39 | |
| 8714604553 | Product market | the market in which households purchase the goods and services that firms produce | 40 | |
| 8714604554 | Resource market | The market in which firms purchase the goods and services that households produce | 41 |
