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| 7335139641 | Economics | The science of scarcity; the science of how individuals and societes deal with the fact that wants are greater than the limited resources available to satisfy those wants. | 0 | |
| 7335139642 | Scarcity | The condition in which our wants are greater than the limited resources available to satisfy those wants. | 1 | |
| 7335139643 | Macroeconomics | The branch of economics that deals with human behavior and choices as they relate to highly aggregate markets or the entire economy. | 2 | |
| 7335139644 | Microeconomics | The branch of economics that deals with human behavior and choices as they relate to relatively small units - an individual, a firm, an industry, a single market. | 3 | |
| 7335139645 | Marginal | Additional | 4 | |
| 7335139646 | Marginal Benefits | Additional benefits. The benefits connected to consuming an additional unit of a good or undertaking one more unti of an activity. | 5 | |
| 7335139647 | Marginal Costs | The change in total cost from an economoic decision. | 6 | |
| 7335139648 | Positive Economics | The study of "what is" in economic matters. (Facts) | 7 | |
| 7335139649 | Normative Economics | The study of "what should be" in economic matters. (Opinions) | 8 | |
| 7335139650 | Ceteris Paribus | A Latin term meaning "all other things constant", or "nothing else changes" | 9 | |
| 7335139651 | Capital | Produced goods that can be used as inputs for further production, such as factories, machinery, tools, computers and buildings | 10 | |
| 7335139652 | Entrepreneurship | The particular talent that some people have for organizing the resources of land, labor and capitol to produce goods, seek new business opportunities, and develop new ways of doing things. | 11 | |
| 7335139653 | Labor | The physical and mental talents people contribute to the production process. | 12 | |
| 7335139654 | Land | All natural resources, such as minerals, forests, water, and unimproved land. | 13 | |
| 7335139655 | trade off | Giving up one thing in return for another in the decision-making process. | 14 | |
| 7335139656 | Opportunity Costs | The most highly valued opportunity or alternative forfeited when a choice is made. | 15 | |
| 7335139657 | Production Possibilities Curve (PPC) | Represents the possible combinations of the two goods that can be produced in a certain period of time, under the conditions of a given state of technology and fully employed resources. | 16 | |
| 7335139658 | Law of increasing opportunity cost | As more of a particular product is produced, the opportunity cost, in terms of what must be given up of other goods to produce each unit of the product, increases. Explains the convex shape of a nation's production possibilities curve. | 17 | |
| 7335139659 | Productive Efficiency | The situation that exists when a firm produces its output at the lowest possible per unit cost. | 18 | |
| 7335139660 | Economic System | The way in which society decides to answer key economic questions- in particular those questions that relate to production and trade. | 19 | |
| 7335139661 | invisible hand | Phrase coined by Adam Smith to refer to the self-regulating nature of a free marketplace. (self-interest and competition) | 20 | |
| 7335139662 | Consumer Sovereignty | The idea that consumers ultimately dictate what will be produced (or not produced) by choosing what to purchase (and what not to purchase). | 21 | |
| 7335139663 | Mixed Capitalism | An economic system characterized by largely private ownership of factors of production, market allocation of resources, and decentralized decision making with some government involvement in the economy. | 22 | |
| 7335139664 | Demand | How much consumers are willing to buy at a given price. | 23 | |
| 7335139665 | Law of Demand | As the price of a good rises, the quantity demanded of the good falls, and as the price of a good falls, the quantity demanded of the good rises. | 24 | |
| 7335139666 | Utility | A measure of the satisfaction, happiness, or benefit that results from the consumption of a good. | 25 | |
| 7335139670 | Substitutes | Two different goods that satisfy similar needs or desires. (Example: Hot dogs and hamburgers) | 26 | |
| 7335139671 | Complements | Two goods that are used jointly in consumption. (Example: hot dogs and hot dog buns) | 27 | |
| 7335139672 | Supply | The willingness and ability of sellers to produce and offer to sell different quantities of a good at different prices during a specific time period. | 28 | |
| 7335139673 | Law of Supply | As the price of a good rises, the quantity supplied of the good rises, and as the price of a good falls, the quantity supplied of the good falls. | 29 | |
| 7335139674 | Equilibrium | The point that prices will eventually move to in a market. It is also the point where businesses will maximize their profits. | 30 | |
| 7335139676 | Equilibrium Price | The price at which quantity demanded of the good equals quantity shipped. | 31 | |
| 7335139677 | Equilibrium Quantity | The quantity at which the amount of the good that buyers are willing and able to buy equals the amount that sellers are willing and able to sell, and both equal the amount actually bought and sold. | 32 | |
| 7335139678 | Shortage | A condition in which quantity demanded is greater than quantity supplied. Shortages occur only at prices below equilibrium price. | 33 | |
| 7335139679 | Surplus | A condition in which quantity supplied is greater than quantity demanded. Surpluses occur only at prices above equilibrium price. | 34 | |
| 7335139680 | Price Floor | A government-mandated minimum price below which legal trades cannot be made. These lead to a surplus of goods. | 35 | |
| 7335139681 | Price Ceiling | A government-mandated maximum price above which legal trades cannot be made. These lead to shortages of goods. | 36 |
