Definitions
Differences
Resources
Wants
Miscellanous
100
the study of how people choose to use resources
What is economics?
100
(A) is the second best alternative, while (B) is everything every other option.
What is the difference between opportunity cost (A) and trade offs?
100
Forests, minerals, fisheries, agricultural land, etc.
What is land resources?
100
wants fulfilled by purchasing (wage)
What is individual wants?
100
he explained the source of prosperity and that specialization is what makes countries wealthy
Who is Adam Smith?
200
the tension between infinite wants and finite resources
What is scarcity?
200
(A) is essential to survive, (B) is something that makes life better.
What is the difference between needs (A) and wants (B)?
200
puts the skills, efforts & mental abilities of humans to work
What is labor resources?
200
wants provided by the government (taxes)
What is collective wants?
200
What? How? Whi?
What are the 3 essential questions?
300
the loss of potential gain from an alternative you didn't choose
What is opportunity cost?
300
(A) are the tangible items we use to satisfy needs and wants, (B) are intangible acts that are performed to satisfy needs and wants.
What is the difference between goods (A) and services (B)?
300
the 'machinery' used to create the goods and services we desire
What is capital resources?
300
recurrent, complimentary, competitive, unlimited, changeable
What are the characteristics of wants?
300
shows different combinations of two goods being produced
What is the production possibilities frontier?
400
another term for specialization
What is the division of labor?
400
(A) is the study of production, employment, etc in a nationwide scale, (B) is the study of individuals and firms in making decisions
What is macroeconomics (A) and microeconomics (B)?
400
risk taking individuals that combine resources into goods and services
What is enterprise resources?
400
wants that go with other wants
What is complimentary wants?
400
a PPF that shows constant opportunity cost and no specialization
What is a linear PPF?
500
the positive impact of specializing goods and receiving a higher amount of profit.
What is comparative advantage?
500
(A) is where the means of production are publicly owned and run by the government, (B) is where the means of production are owned by individuals and businesses
What is the difference between command economy (A) and market economy(B)?
500
human needs and wants are unlimited, the ability to fulfill the needs and wants is limited
What is the economic problem?
500
wants that change over time due to taste, fashion, technology, age, etc.
What is changeable wants?
500
a book turned movie about Econonomics
What is Freakonomics?
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