What is Economics? The Basics
Trade-Offs and Opportunity cost
Markets & Productivity
Vocabulary
Miscellaneous
100
Any good that lasts three year or more when used on a regular basis
What is a durable good
100

Alternative choices that people face

What are trade-offs

100

a location that allows buyers and sellers to exchange a certain economic product. They can be local,regional, national, or global.

What is a market

100

The study of how people try to satisfy what are seemingly unlimited and competing wants through the careful use of scarce resources - sometimes referred to as the "dismal science"

What is Economics

100

An economic term for a consumer's desire

What is a want

200

What do we call unlimited wants for limited resources?

Scarcity

200

The NEXT best alternative

What is opportunity cost

200

Markets where producers sell their goods

What is product market

200

A mechanic that only works on electric cars is an example of

What is specialization

200
A key measure of a nation's economic health. It is the dollar value of all final goods aand services, and structures produced within a country's borders in a 12-month period
What is GDP
300

When a store is temporarily out of something, we say there is a ...

shortage

300

a diagram representing varous combinations of goods and/or services an economy can produce when all productive resources are fully employed

What is a production possibilities frontier

300

market where productive resources are bought and sold (e.g. Indeed.com)

What is a factor market

300

the capacity to be useful and provide satisfaction

What is utility

300
The factors of production

What is Land, Labor, Capital, and Entrepreneurs

400

manufactured goods that are used to produce other goods and services

What is capital

400

Describes the concept that everything we do has a cost. 

What is There Is No Such Thing As A Free Lunch

400

occurs when a nation's total output of goods and services increases over time

What is economic growth

400

the accumulation of products that are tangible, scarce, useful,and transferable from one person to another

What is wealth

400
Three basic questions societies have to ask in order to make wise economic choices with scarce resources
What is What to Produce? How to Produce? and For Whom to produce
500
Intangibles that are offered in exchange for payment

Services

500

The frontier line of the production possibilities frontier shifts outward and shows this economic concept

What is economic growth

500

measure of the amount of output produced by a given amount of inputs in a specific period of time.

What is productivity

500

Apparent contradiction between the high value of nonessentials and low value of essentials

What is paradox of value

500

The concept that we rely on other and others rely on us to provide the godds and services that we consume

What is economic interdependence

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