Terms : Hide Images
| 9602352636 | Scarcity | unlimited wants coupled with limited resources | 0 | |
| 9602352637 | Microeconomics | study of how individual people make choices and the effect of those choices | 1 | |
| 9602355584 | Macroeconomics | study of the overall ups and downs in a whole economy | 2 | |
| 9602355585 | Positive Economics | economic analysis that describes how the economy actually works | 3 | |
| 9602355586 | Normative Economics | economic analysis that describes how the economy should work | 4 | |
| 9602361214 | Marginal analysis | the study of additional costs and benefits | 5 | |
| 9602364421 | Opportunity Cost | next best alternative | 6 | |
| 9602364422 | Trade-offs | all of the options available when making a choice | 7 | |
| 9602367475 | Factors of production | Land, Labor, capital, entrepreneurs | 8 | |
| 9602371739 | Free Market Economy | economic systems where individuals decide what to produce, how to produce, and who gets it | 9 | |
| 9602371740 | Centrally Planned Economy | economic system in which industries are publicly owned | 10 | |
| 9602375506 | Production Possibilities | economic model that shows illustrates the trade-offs faced by an economy producing two goods | 11 | |
| 9602377695 | Productive Efficiency | producing at the lowest cost | 12 | |
| 9602377696 | Allocative Efficiency | producing what society wants | 13 | |
| 9602385634 | Underutilization | not using all available resources | 14 | |
| 9602388561 | Unattainable | unable to produce goods and services given the current amount of resources | 15 | |
| 9602392497 | Law of Increasing opportunity costs | the increasing cost as one tries to attain more and more of one good | 16 | |
| 9602392498 | Capital goods | goods created to make consumer goods | 17 | |
| 9602395263 | Consumer goods | goods created for immediate consumption | 18 | |
| 9602395264 | Absolute advantage | producing the most of a good or service given available resources | 19 | |
| 9602398333 | Comparative advantage | producing a good or service at a lower opportunity cost | 20 | |
| 9602398334 | Product Market | market in which goods and services are exchanged | 21 | |
| 9602401627 | Factor Market | market in which factors of production are exchanged | 22 | |
| 9602403521 | Private sector | part of the economy that is run by individuals and businesses | 23 | |
| 9602403522 | Public sector | part of the economy that is controlled by the government | 24 | |
| 9602428232 | Incentives | rewards or punishments that motivate choices | 25 | |
| 9602571866 | Specialization | focusing efforts of a few tasks | 26 | |
| 9602577555 | Gains from Trade | getting more through trade than by being self-sufficient | 27 | |
| 9602668955 | Utility | satisfaction | 28 | |
| 9602674908 | Allocate | to distribute | 29 | |
| 9602677034 | Price | amount consumers pay | 30 | |
| 9602681480 | Cost | amount seller pays to produce a good or service | 31 | |
| 9602686406 | Investment | the money spent by businesses to improve production | 32 | |
| 9602932705 | Explicit Costs | out of pocket costs of decision making | 33 | |
| 9602935079 | Implicit Costs | the opportunity costs of decision making | 34 | |
| 9602942573 | Accounting Profit | profit minus explicit costs | 35 | |
| 9602945486 | Economic Profit | profit minus explicit and implicit costs | 36 | |
| 9603040354 | Microeconomics | study of individual choices and actions | 37 | |
| 9603052237 | Market | economic system controlled by individuals | 38 |
