Terms : Hide Images
| 5409119278 | economics | the study of scarcity and choice | 0 | |
| 5409119279 | individual choice | decisions by individuals about what to do, which necessarily involve decisions about what not to do | 1 | |
| 5409119280 | economy | a system for coordinating a society's productive and consumptive activities | 2 | |
| 5409119281 | market economy | decisions of individual producers and consumers largely determine what, how, and for whom to produce, with little government involvement in the decisions | 3 | |
| 5409119282 | resource | anything that can be used to produce something else | 4 | |
| 5409119283 | land | all resources that come from nature, such as minerals, timber and petroleum | 5 | |
| 5409119284 | labor | effort of workers | 6 | |
| 5409119285 | capital | manufactured goods used to make other goods and services | 7 | |
| 5409119286 | entrepreneurship | the efforts of entrepreneurs in organizing resources for production, taking risks to create new enterprises, and innovating to develop new products and production processes | 8 | |
| 5409119287 | scarce | a resource that is not available in sufficient quantities to satisfy all the various ways a society wants to use it | 9 | |
| 5409119288 | opportunity cost | real cost of an item; what you must give up in order to get it | 10 | |
| 5409119289 | microeconomics | study of how people make decisions and how those decisions interact | 11 | |
| 5409119290 | macroeconomics | concerned with the overall ups and downs in the economy | 12 | |
| 5409119291 | economic aggregates | economic measures that summarize data across many different markets | 13 | |
| 5409119292 | positive economics | the branch of economic analysis that describes the way the economy actually works | 14 | |
| 5409119293 | normative economics | makes prescriptions about the way the economy should work | 15 | |
| 5409125920 | command economy | decisions are made by a central authority in regards to the production and consumption of goods and industry is a publicly owned entity. | 16 | |
| 5409216058 | incentives | rewards or punishments that motivate particular economic choices. | 17 | |
| 5409222908 | property rights | establishes ownership and grant individuals the right to trade goods and services with each other. | 18 | |
| 5409266015 | marginal analysis | the study of the costs and benefits of doing a little bit more of an activity versus a little bit less. | 19 |
