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| 6783745957 | Economics | The study of scarcity and choice; how to allocate scarce resources to meet unlimited wants. | 0 | |
| 6783748167 | market economy | The basic questions of what to produce, how to produce, and for whom to produce is made by individuals. Individuals also own and control the factors of production. | 1 | |
| 6783751591 | command economy | The basic questions of what to produce, how to produce, and for whom to produce is made by the government/central planners. The factors of production are publicly owned (government ownership). | 2 | |
| 6783756220 | Incentives | Rewards that motivate particular choices. | 3 | |
| 6783756948 | marginal analysis | Considering the next or additional costs and benefits of a choice. | 4 | |
| 6783760020 | Factors of Production/Productive Resources | Land, labor, capital, entrepreneurship. | 5 | |
| 6783760838 | land | Natural resources used in production. | 6 | |
| 6783762191 | labor | Quantity and quality of workers. | 7 | |
| 6783763448 | entrepreneurship | Efforts by those who organize resources of production, taking of risks to create new businesses, and innovating to develop new products and production processes. | 8 | |
| 6783769415 | capital | Manufactured goods used to produce other goods and services. | 9 | |
| 6783773090 | opportunity cost | The real cost of any choice; the next best alternative. | 10 | |
| 6783776692 | Microeconomics | Study of how individuals, households, and firms make decisions and how those decisions interact. | 11 | |
| 6783778418 | Macroeconomics | Study concerned with the overall ups and downs in the entire economy. Big picture -- RGDP, PL, UR,.... | 12 | |
| 6783781362 | Economic aggregates | Economic measures that summarize data across many different markets. | 13 | |
| 6783784298 | Four phases of the business cycle | Expansion, peak, contraction (recession), and trough. | 14 | |
| 6783787338 | labor force | The sum of the number of employed persons and unemployed persons in an economy. To be unemployed, one must be over the age 16 and actively seeking employment. | 15 | |
| 6783790984 | inflation | An increase in the overall price level. | 16 | |
| 6783792197 | deflation | A decrease in the overall price level. | 17 | |
| 6783793070 | disinflation | A decrease in the rate of inflation - note that inflation still exists but at a lower rate than before. | 18 | |
| 6783795741 | Three goals of the Macroeconomy | Economic Growth (measured by RGDP); Price Stability (measured by CPI); and the Unemployment Rate. | 19 | |
| 6783798800 | Economic growth | An increase in the maximum amount of goods and services (or potential output) an economy can produce. Can be illustrated by a rightward shift of the LRAS and an outward shift of the PPC. | 20 | |
| 6783810038 | Production possibilities curve/frontier | illustrates the trade-offs facing an economy that produces only two goods or categories of goods. It shows the maximum quantity of one good that can produced at each possible quantity of the other good produced. It can be used to illustrate scarcity, choice, opportunity cost, efficiency, inefficiency, economic growth, and increasing opportunity cost (bowed out from the origin) and constant opportunity cost (straight line). | 21 | |
| 6783822386 | absolute advantage | When one producer can produce more of a good or service than another producer with a given amount of time/resources. | 22 | |
| 6783825420 | comparative advantage | When one producer can produce a good at a lower opportunity cost than another producer. | 23 | |
| 6783829616 | terms of trade | The rate at which one good/service can be exchanged for another. Each party must be better off as a result of specialization and trade. In comparative advantage problems, it lies between the two opportunity costs. | 24 | |
| 6783838499 | demand curve/demand schedule | shows how much of a good or service consumers will be willing and able to buy at various prices in a given time period. | 25 | |
| 6783840661 | quantity demanded | The actual amount of a good or service consumers are willing and able to buy at a specific price. | 26 | |
| 6783846213 | law of demand | Says that there is an inverse, or opposite relationship between price and quantity demanded. | 27 | |
| 6783849333 | Change in demand | Shift in the demand curve caused by a change in one of the determinants of demand (tastes and preferences, consumer population, consumer income, prices of related goods (complements and substitutes), and consumer expectations. Illustrated by a shift of the demand curve. | 28 | |
| 6783853804 | Change in quantity demanded | Movement along the demand curve from one particular price to another -- reflects the law of demand. | 29 | |
| 6783857431 | Supply curve/schedule | Shows the amount that producers are willing and able to supply a market at various prices in a given time period. | 30 |
