Basic Terms
Production
Charts and Graphs
Exchange
Fundamentals
100
The study of human efforts to satisfy unlimited wants with scarce resources
What is Economics
100

What does PPC stands for.

What is production Possibility Curve?

200

A basic requirement of survival

What is a need

200
The people with all their efforts, abilities, and skills
What is labor
200

The point outside of the optimal production curve on a PPC. 

What is a point of impossibility?

300
the cost of the next best alternative use of money, time or resources
What is opportunity cost
300

In Supply and Demand what goes up and what goes down?

Supply to the sky and Demand to the dirt. 

300
The act of buyers and sellers freely and willingly engaging in market transactions
What is voluntary exchange
400

A desired thing to benefit everyday life

What is a want

400

What PPF stands for. 

What is Production Possibility Frontier?

400
A manufactured good used to produce other goods
What is capital good
500
Workers perform fewer tasks more frequently
What is division of labor
500

Whenever this happens the demand curve on a supply and demand chart moves left. 

What is a shortage?

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