Basic Definitions
This is the fundamental economic problem facing all societies
scarcity
This term is used to measure the amount of output produced in a specific time period with a given amount of resources. It normally refers to labor. And it increases when you add more than one settlement to a resource hex.
productivity
Mr. Huber's favorite and simple definition for "inflation"
Too much money chasing too few goods
The price of credit to a borrower
interest rate
["interest" is defined as "payment made for the use of borrowed money"]
Lykke Li's "Rich Kids Blues"
Compassion
Tool, equipment, or other manufactured good used to produce other goods and services; a factor of production
capital good
agglomeration
The observed tendency of humans to return to a relatively stable, baseline level of happiness despite major positive or negative life changes
Hedonic Adaptation
The most important factor for your credit score.
Payment history
XTC's "Earn Enough for Us"
Fortitude
This term means "everything else being equal"--and indicates a method used by economists to determine the effect of one economic variable on another, provided all other variables remain the same
ceteris paribus
Name two of the four factors of production
Land
Capital
Labor
Entrepreneur
The Star Trek-inspired term for a "no-win" situation
Kobayashi Maru
Credit cards represent this type of credit
Revolving credit
The Rolling Stone's "You Can't Always Get What You Want"
Wisdom
The value of the next best alternative given up to obtain an item
opportunity cost
This term is used to describe a country's ability to produce a given amount of product relatively more efficiently than another country; production at a lower opportunity cost.
comparative advantage
Describe the Federal Reserve's "dual mandate"
Price Stability & Maximum Employment
The strategy of holding different investments to protect against risk
portfolio diversification
Midnight Oil's "Blue Sky Mine"
Compassion
Fortitude
Humility
Wisdom
utility
This type of agglomeration economy is analogous to a player replacing a settlement by building a city, which represents the results that occur from when the density of economic activity increase in a specific area
Urbanization economy
This theory has been put to good practice by Buc-ee's
Theory of Wage Efficiency
Of the eight types of car insurance, this protects you from damage to your car not caused by an accident, such as theft, vandalism, and natural disasters
Comprehensive
Other types: Collision, Liability, Medical, Personal Injury, Uninsured Motorist, Underinsured Motorist, and Rental Reimbursement
Joe Jackson's "You Can't Get What You Want (Till You Know What You Want)
Wisdom