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| 13996587407 | Scarcity | Society has unlimited wants & limited resources | 0 | |
| 13996587408 | 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 | |
| 13996587409 | Traditional economy | An economic system in which the 4 economical questions are answered for you | 2 | |
| 13996587410 | Command economy | An economic system in which the government makes all production & consumption decisions. | 3 | |
| 13996587411 | Market economy | Production & consumption decisions are made by individuals or the open market. | 4 | |
| 13996587412 | Trade-off | An exchange of one thing in return for another (you don get the one you give up) | 5 | |
| 13996587413 | Opportunity cost | What one must give up after making a certain choice | 6 | |
| 13996587414 | Macroeconomics | Focuses on the behavior of the market as a whole | 7 | |
| 13996587415 | Microeconomics | Focuses on the choices of individuals and firms | 8 | |
| 13996587416 | Examples of renewable resources | Forests, sea & land animals, water, grasses & forage on rangelands | 9 | |
| 13996587417 | Examples of nonrenewable resources | Metals & ores, oil & natural gas | 10 | |
| 13996587418 | What are the 4 factors of production | Land, labor, capital, & entrepeneurship | 11 | |
| 13996587419 | Land | Resources which come from nature | 12 | |
| 13996587420 | Labor | Resource which is the effort of workers | 13 | |
| 13996587421 | Entrepeneurship | Resource which is the efforts made by entrepreneurs for production | 14 | |
| 13996587422 | Capital | Resource which is the manufactured good are used to make products/services | 15 | |
| 13996587423 | Production possibilities curve | Model that shows alternative ways that an economy can use its scarce resources | 16 | |
| 13996587424 | Points inside the frontier line are | obtainable, but not efficient | 17 | |
| 13996587425 | Points on the frontier line are | Obtainable & efficient | 18 | |
| 13996587426 | Points outside of the frontier line are | Unobtainable due to the lack of resources | 19 | |
| 13996587427 | What causes the PPC to shift? | Change in resource quantity/quality, technology, or trade | 20 | |
| 13996587452 | Increasing opportunity cost |  | 21 | |
| 13996587453 | Constant opportunity cost |  | 22 | |
| 13996587428 | Human capital | the skills and knowledge gained by a worker through education and experience | 23 | |
| 13996587429 | Financial capital | money used to buy the tools and equipment used in production | 24 | |
| 13996587430 | 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. | 25 | |
| 13996587431 | Comparative advantage | The ability of a country to produce a good at a lower cost than another country can. | 26 | |
| 13996587432 | Absolute advantage | the ability to produce a good using fewer inputs than another producer | 27 | |
| 13996587433 | Specialization is based on which advantage? | Comparative advantage | 28 | |
| 13996587434 | Law of demand | There is an inverse relationship between price and quantity demanded, as price goes up demand goes down | 29 | |
| 13996587435 | Law of supply | There is a direct relationship between price and quantity supplied, as price goes up supply goes up | 30 | |
| 13996587436 | What causes a movement along the supply or demand curve? | Change in price | 31 | |
| 13996587437 | 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 | 32 | |
| 13996587438 | Inferior good | a good that consumers demand less of when their incomes increase | 33 | |
| 13996587439 | Normal good | a good that consumers demand more of when their incomes increase | 34 | |
| 13996587440 | Increase in demand/supply | Curve shifts right | 35 | |
| 13996587441 | Decrease in demand/supply | Curve shifts left | 36 | |
| 13996587443 | 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 | 37 | |
| 13996587444 | Market equilibrium | Quantity demanded equals quantity supplied | 38 | |
| 13996587445 | Shortage | Quantity demanded is greater than quantity supplied (prices will increase) | 39 | |
| 13996587446 | Surplus | Quantity demanded is less than quantity supplies (prices will decrease) | 40 | |
| 13996587447 | Price floor | a minimum price for a good or service (ex. minimum wage) causes a surplus | 41 | |
| 13996587448 | Price ceiling | a maximum price for a good or service (rentals) causes a shortage | 42 | |
| 13996587449 | The circular flow model | Demonstrates the way that money and goods and services flow between households and firms | 43 | |
| 13996587450 | Product market | the market in which households purchase the goods and services that firms produce | 44 | |
| 13996587451 | Resource market | The market in which firms purchase the goods and services that households produce | 45 |
