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| 7329294875 | Economics | how an individual in society experiences limitless wants, and chooses to allocate its limited resources to satisfy wants | 0 | |
| 7329310189 | Efficiency | receiving the maximum benefits from limited resources | 1 | |
| 7329315422 | Equality | benefits are distributed uniformly among society's members | 2 | |
| 7329323216 | Opportunity Cost | what one sacrifices in order to obtain what one wants | 3 | |
| 7329327704 | Rational People | People who do their best to achieve their objects with the available opportunities | 4 | |
| 7329343898 | Marginal Change | The smaller decision/trade-off | 5 | |
| 7329356343 | Incentive | something that induces a person to act | 6 | |
| 7329367323 | Market Economy | Decisions of individual producers and consumers largely determine what, how, and for whom to produce, with little government involvement in decisions | 7 | |
| 7329374458 | Property Rights | Establish ownership and grant individuals the right to trade goods and services with each other | 8 | |
| 7329394126 | Market Failure | When a market is left on its own and fails to allocate resources efficiently | 9 | |
| 7329469893 | Productivity | Quantity of goods and services produced from each unit of labor | 10 | |
| 7329475657 | Inflation | An increase in the overall level of prices in the economy | 11 | |
| 7329483494 | Business Cycle | Fluctuations in economic activity between economic downturns, recessions, and economics upturns known as expansions | 12 | |
| 7329490900 | Traditional Economic System | Economic tasks are passed on from generation to generation | 13 | |
| 7329497253 | Command Economic System | Government answers each question | 14 | |
| 7329500340 | Free Economic System | The producers and consumers answer economic questions | 15 | |
| 7329504798 | Mixed Economic System | Producers, consumers, and government answers economic questions | 16 | |
| 7329558377 | Service | Something tangible which satisfies peoples needs | 17 | |
| 7329577161 | Scarce | Limited amount of a desired resource | 18 | |
| 7329587719 | Four main resources | Land, Labor, Capital, and Entrepreneurship | 19 | |
| 7329590754 | Land | Anything that comes from the earth | 20 | |
| 7329593912 | Labor | Payment for salary and wages | 21 | |
| 7329602857 | Capital | Goods that produce other goods for future use | 22 | |
| 7329607623 | Entrepreneurship | Business risk and payment comes in the form of profit and loss | 23 | |
| 7329618857 | Economics | Study of scarcity and individual choices | 24 | |
| 7329646519 | Individual Choice | Decisions by individuals about what to do | 25 | |
| 7329651784 | Economy | System for coordinating a society's productive and consumptive activities | 26 | |
| 7329675441 | Command Economy | Industry is publicly owned and a central authority makes production an consumption decisions | 27 | |
| 7329716890 | Marginal Analysis | Study of the costs and benefits of doing a little bit more of an activity vs. less | 28 | |
| 7329722222 | Microeconomics | Study of how individuals make decisions and how those decisions interact | 29 | |
| 7329728565 | Macroeconomics | Concerned with overall ups and downs in the economy | 30 | |
| 7329735630 | Economic Aggregates | Economic measures that summarize data across many different markets | 31 | |
| 7329741069 | Positive Economics | Objective (non-opinionated) statements that while they may not be true, they CAN be TESTED | 32 | |
| 7329743426 | Normative Economics | Subjective statement that CAN'T BE TESTED | 33 | |
| 7329771657 | Depression | Very deep and prolonged downturn | 34 | |
| 7329774107 | Expansion | periods of economic upturns when output and employment are rising | 35 | |
| 7329781039 | Employment | number of people employed in economy | 36 | |
| 7329784394 | Unemployment | number of people who are actively looking for work, but aren't employed | 37 | |
| 7329795383 | Output | quantity of goods and services produced | 38 | |
| 7329799394 | Aggregate Output | economy's total production of goods and services for a given time period | 39 | |
| 7329803951 | Deflation | Falling overall price | 40 | |
| 7329812867 | Price Stability | Aggregate price level is changing only slowly | 41 | |
| 7329818261 | Economic Growth | Increase in the maximum amount of goods and services an economy can produce | 42 | |
| 7329824866 | Model | Simplified representation used to better understand a real life situation | 43 | |
| 7329831190 | Trade-off | When you give up something in order to have something else | 44 | |
| 7329855169 | Production Possibility Curve (PPF) | illustrates the trade-offs facing an economy that produces only two goods. |  | 45 |
| 7329871476 | Technology | Technical means for the production of goods and services | 46 | |
| 7329879906 | Trade | Prove good and services to others and receive goods and services in return | 47 | |
| 7329885184 | Gains from trade | Dividing tasks and trading, people can get more of what they want through trade than they could if they tried being self-sufficient | 48 | |
| 7329919988 | Comparative Advantage | In producing goods or services if the opportunity cost of producing that good or service is lower for that individual than others | 49 | |
| 7329926901 | Absolute advantage | Producing more of a good or service if they can make more of it with a given amount of time and resources | 50 | |
| 7329935253 | Households | person or group of people who share income | 51 | |
| 7329939628 | Firm | organization that produces and services for sale | 52 | |
| 7329942863 | Product Market | goods and services are brought or sold | 53 | |
| 7329946337 | Factor Market | where resources, especially capital and labor, are bought and sold | 54 | |
| 7329962717 | Consumer Spending | Households spending money on goods and services | 55 | |
| 7329965549 | Stocks | Share ownership of a company held by a shareholder | 56 | |
| 7329969873 | Bond | loans that pay interest | 57 |
