Terms : Hide Images
| 8641327364 | economics | the study of how society manages its scarce resources the study of how society manages its scarce resources | 0 | |
| 8641392629 | market economy | Economic decisions are made by individuals or the open market. Economic decisions are made by individuals or the open market. | 1 | |
| 8641392630 | command economy | a system in which the central government makes all economic decisions | 2 | |
| 8641392631 | mixed economy | an economic system combining private and public enterprise. an economic system combining private and public enterprise. | 3 | |
| 8641394667 | incentives | rewards or other stimuli that motivate us to act | 4 | |
| 8641394668 | factors of production | land, labor, capital, and entrepreneurship | 5 | |
| 8641394669 | scarcity | limited and desirable; the limited resources and unlimited wants and needs of society | 6 | |
| 8641397515 | marginal analysis | analysis that involves comparing marginal benefits and marginal costs analysis that involves comparing marginal benefits and marginal costs | 7 | |
| 8641397516 | ceteris paribus | a Latin phrase that means "all other things held constant"; "all things being equal" | 8 | |
| 8641400195 | opportunity cost | the cost of the alternative; value of the trade-off; what is given up of one thing to produce more of another | 9 | |
| 8641400196 | microeconomics | the study of how households and firms make decisions and how they interact in markets the study of how households and firms make decisions and how they interact in markets; (individual actors in the economy) | 10 | |
| 8641400197 | macroeconomics | the study of economy-wide phenomena, including inflation, unemployment, and economic growth the study of economy-wide phenomena, including inflation, unemployment, and economic growth | 11 | |
| 8641402529 | aggregates | total; summation of all the individual parts in the economy; | 12 | |
| 8641402530 | positive economics | the study of what is, and how the economy works | 13 | |
| 8641404764 | normative economics | an analysis based on value judgments | 14 | |
| 8641406532 | production possibilities curve | an economic model used to illustrate limited resources and trade-offs an economic model used to illustrate limited resources and trade-offs; shows opportunity costs | 15 | |
| 8641406533 | efficiency | using resources in such a way as to maximize the production of goods and services; "on the curve" | 16 | |
| 8641410239 | underemployment | inefficiency in the use of resources; wasting resources | 17 | |
| 8641410240 | comparative advantage | the ability to produce a good at a lower opportunity cost than another producer the ability to produce a good at a lower opportunity cost than another producer | 18 | |
| 8641413685 | absolute advantage | the ability to produce more of a given product using a given amount of resources | 19 | |
| 8641413686 | gains from trade | the improvement in outcomes that occurs when producers specialize and exchange goods and services | 20 | |
| 8641415495 | economic growth | the ability of the economy to increase the production of goods and services- usually through specialization and trade | 21 | |
| 8641415496 | linear relationship | a relationship that has a straight line graph- for PPC (resources are comparable; similar) | 22 | |
| 8641419251 | nonlinear relationship | a curve that shows the relationship between two variables in a non-straight line | 23 | |
| 8641419252 | slope | rise over run | 24 |
