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| 14654730376 | economics | the study of scarcity and choice | 0 | |
| 14654733895 | individual choice | the decision by an individual of what to do, which necessarily involves a decision of what not to do | 1 | |
| 14654747793 | economy | system for coordinating a society's productive and consumptive activities | 2 | |
| 14654755524 | market economy | economy in which decisions of individual producers and consumers largely determine what, how, and for whom to produce, with little government involvement in the decisions | 3 | |
| 14654766052 | command economy | economy in which industry is publicly owned and a central authority makes production and consumption decisions. | 4 | |
| 14654775917 | incentives | rewards or punishments that motivate particular choices | 5 | |
| 14654777854 | property rights | - rights that establish ownership and grant individuals the right o trade goods and services with each other - this creates incentive to produce things of value (to keep or trade for mutual gain) | 6 | |
| 14654786898 | marginal analysis | the study of the costs and benefits of doing a little bit more of an activity versus a little bit less |  | 7 |
| 14654818042 | resource | anything that can be used to produce something else | 8 | |
| 14654820337 | land | all resource that come from nature, such as minerals, timber, or petroleum | 9 | |
| 14654822847 | labor | the effort of workers | 10 | |
| 14654823318 | capital | manufactured good used to make other goods and services | 11 | |
| 14654828304 | Entrepreneurship | the efforts in organizing resources for production, taking risk to create new enterprises, and innovations to develop new products and production and production processes | 12 | |
| 14654835509 | scarcity | the concept that resource are not available in sufficient quantities to satisfy the various way a society wants to use it | 13 | |
| 14654856685 | opportunity cost | the *real* cost of an item - what you must give up in order to get it | 14 | |
| 14654858965 | Microeconomics | study of how people make decisions and how those decisions interact | 15 | |
| 14654861917 | Economics aggregates | economic measures that summarize data across many different markets *ex:* unemployment rate, inflation | 16 | |
| 14654866278 | Positive Economics | branch of economic analysis that describes the way economy actually works | 17 | |
| 14654869032 | normative economics | branch of economics that makes prescriptions about the way the economy should work | 18 | |
| 14654874979 | business cycle | short-run alternation between economic downturns known as recessions and economic upturns, known as expansions | 19 | |
| 14654887000 | depressions | deep and prolonged economic downturn | 20 | |
| 14654887836 | recession | periods of economic downturns when output and employment are falling | 21 | |
| 14654890948 | expansions (aka recoveries) | periods of economic upturns when output and employment are rising | 22 | |
| 14654898237 | employment | the number of people currently working for pay in the economy | 23 | |
| 14654900436 | unemployment | the total number of people who are actively looking for work, but currently not employed | 24 | |
| 14654901936 | labor force | a sum of employment and unemployment | 25 | |
| 14654902870 | unemployment rate | the percentage of the labor force that is employed. - this is usually a good indicator of what conditions are like in the job market | 26 | |
| 14654906756 | output | quantity of goods and services produced | 27 | |
| 14654908449 | aggregate output | economy's total production of goods and services for a given time period | 28 | |
| 14654909370 | inflation | a rise in the overall price level | 29 | |
| 14654910172 | deflation | a falling overall price level | 30 | |
| 14654912474 | price stability | when the aggregate price level is changing only slowly - this is desirable because it keeps the economy stable | 31 | |
| 14654923114 | economic growth | an increase in the maximum amount of goods and services and economy can produce | 32 | |
| 14654925359 | model | simplified representation to better understand a real life situation | 33 | |
| 14654928404 | other things equal assumption | the assumption that all other relevant factors remain unchanged - used when studying how one change affects the overall economic outcome | 34 | |
| 14654933755 | trade-off | when you give up something in order to have something else | 35 | |
| 14654935025 | production possibilities curve | a graph that shows alternative ways to use an economy's productive resources |  | 36 |
| 14654937927 | Efficiency | there is no way to make anyone better off without making at least one person worse off (no missed opportunities) | 37 | |
| 14654940989 | Efficiency in allocation | When an economy is efficiently producing goods that people want to consume | 38 | |
| 14654941702 | Technology | technal means for producing goods and services. - source of economic growth | 39 | |
| 14654944045 | trade | when individuals in a market economy exchange goods and services for other goods services | 40 | |
| 14658886137 | T/F: Your opportunity cost never depends on your alternatives | False | 41 | |
| 14658890203 | T/F: With every choice comes with a opportunity cost | True | 42 | |
| 14658895606 | T/F: Even a person with unlimited wealth must deal with opportunity. | True | 43 | |
| 14658902145 | T/F: The resources in the economy are not all perfectly suitable to the production of all goods | True | 44 | |
| 14659530737 | T/F: Upward movement along the PPC involves giving up some of one good to get more of another | True | 45 | |
| 14659542251 | T/F: If many workers decided to retire at an early age, the PPC would shift inward. | True | 46 | |
| 14659562174 | T/F: Producing more capital goods (physical capital) during a particular period is likely to shift the economy's PPC outward the next period | True | 47 | |
| 14659577610 | T/F: Voluntary trade usually helps one party but hurts the other | False | 48 | |
| 14659591679 | T/F: The law of increasing opportunity states tat each additional increment of one good requires the economy to give up successively larger increments of the other good | True | 49 | |
| 14659594771 | T/F: Opportunity cost are always measured in dollars amounts. | False | 50 |
