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This is the Greek word from which we get the word economics
What is Oikonomos
This is a type of business in which people build large enterprises that do not make things themselves, but invest huge sums of money I companies that do
What is Investment Capitalism
This is the change in total benefit that results from an action
What is Marginal Benefit
This is the greatest benefit that a producer gives up when he makes a choice
What is Opportunity Cost
Conditions in Egypt during the famine while Joseph was living there illustrate the economic principle of this
What is Supply and Demand
This is economic effects external to the direct production of goods
What is Externalities
This is the reason behind the overall trend of economic growth in the United States
What is Freedom
This is tangible items produced for consumption
what is Goods
This is a central bank for the United States established by Congress in 1913
What is Federal Reserve System
Jesus said that we cannot serve the two masters of
What is God and Wealth
This is the prevailing economic philosophy when Adam Smith published The Wealth of Nations
What is Mercantilism
This is the economic idea proposed by President Reagan in 1980
What is the Supply Side Economics
This emphasizes the critical role that self-interest plays in decision-making
What is Public Choice Theory
This is the elements producers use to create goods and services
What is Production Resources
Instead of worrying about food and clothing, Jesus told people to seek God's...
What is Kingdom and His righteousness
This is the main source of income for the United States for many years
What is Tariffs
This is intangible duties that people perform for pay
What is Services
This is the goal of encouraging people in an economy to be as productive as possible in supplying goods and services
What is Economic Efficiency
This is a benefit that motivates action
What is Economic Incentive
This is the definition of microeconomics
What is: the examination of how individual households and companies make decisions and how buyers and sellers interact in the market
(Pause and write this definition in #31 on your test)
This is the goal of having people in a society share goods and services as equally as possible
What is Economic Equity
This determines the cost and benefit of taking a particular step before you take it determine if the benefit outweighs the cost
What is Cost Benefit Analysis
This is how much of one product a consumer is willing to give up in exchange for another product to maintain the same level of satisfaction
What is Marginal Rate of Substitution
This is the definition of Command Economy
What is: some authority (usually the government) dictates what and how much producers will produce
(Pause and write this definition for #32 on your test)