Fundamentals
A foundational theme in economics but is hard to find. You could say it's really quite...?
Scarce/Scarcity
A type of economic system where the central planning authority (government) has total control over the economy.
Command Economy - Communism & Socialism
This states that price and quantity are the inverse of each other.
Law of Demand
The world is economically interconnected through this phenomenon.
Globalization
The Fair Labor Standards Act of 1938 established this labor guarantee for workers and other labor protections
Minimum Wage
The associated consequence when given a series of choices such as "A" or "B".
Opportunity Cost
The United States and other western countries have this type of economic system.
When one goes up so to does the other with this law.
Law of Supply
We use this to compare opportunity costs of what countries should produce. Think of comparing apples and oranges.
Absolute/Comparative Advantage
The New York Stock Exchange (NYSE) lets investors purchase these as part of a company's assets which are publicly traded.
(common) stocks
This model is used to show the relationship between households and firms.
Circular flow model
It's a popular board game and a type of market structure.
Monopoly
In this case all is equal and prices are agreed upon.
(Market) Equilibrium
This is used to measure a country's total production, not to be confused with what a country produces elsewhere.
Gross Domestic Product (GDP)
A "mom and pop" shop often follow this type of business structure.
Sole proprietorship and/or partnership
It's a graph that is unbelievable because it truly is about (guns) and butter.
Production Possibilities Frontier (curve)
It truly means all things are equal to each other.
Ceteris Paribus
Similar to a rubber band goods and services experience this when changing to prices.
Elasticity
At the beginning of next school year the US Congress will need to balance the federal budget as part of this financial responsibility.
Fiscal Policy
It can be simple or compounded, in any case its what's gained on the initial principal.
Interest
There are four of these and they are quite productive.
Four Factors of Production - land, labor, capital, and entrepreneurship
This technique was used by Gilded Age Robber Barons to squeeze out competition from the marketplace.
Vertical/Horizontal Integration
Movement
We've all seen it when we purchase goods and services. Inflation is to blame when prices go up which we measure with this acronym.
Consumer Price Index (CPI)
If 50/30/20 were a rule it would applied to this process of managing finances.
Budget/budgeting