Week 1
Week 1
Week 1
Week 2
Week 2
100

The study how choices are made

Economics

100

It's what you give up when making a choice

Opportunity Cost

100

Tools, Machinery, equipment are examples of _________________

Physical Capital 

100

The Frontier/Curve will shift to the right when you have_________________

New Tech, Education, More Resources
100

People have trouble getting ahead in this system

Command

200

Limited Resources to meet unlimited wants

Scarcity

200

Scarcity forces you to make _________________

Choices

200

Knowledge, Experience, Skills are examples of ____________________

Human Capital 

200

System where the Government owns businesses

Command/Centrally Planned

200

You might not know this but this Motivates us___________________

Self Interest

300

The Fundamental Problem; it never goes away....

What is Scarcity again

300

Adding or Subtracting 1 means ________________?

Marginal 

300

People who earn wages and income are examples of ____________________

Labor

300

System where you have the most Freedom

Market/Capitalism

300

You might not know this, but this keeps prices low and quality high

Competition

400

The small picture like buying and selling in a market

Microeconomics

400

When making a decision the benefits should be more than the _____________________

Costs

400

Someone who starts a business and pays for the start up costs are called ______________________

entrepreneurship

400

All Economic systems are considered 

Mixed

400

Are necessary for survival 

Needs

500

The big Picture like: Trade, Spending, Unemployment, and Inflation

Macroeconomics

500

Gold, Salt, Lumber, Drinking Water, Electricity, and Food are examples of ___________________

Land

500

Inside the PPF you would be 

Inefficient 

500

System that uses ritual, habit, and customs

Traditional System

500

These goods produce other goods

Capital Goods

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