Basics
Production
Costs
PPF
100
You require these in order to stay alive
What is a need?
100
Labor measures this
What is human effort?
100
Giving something up to gain something else
What is a trade-off
100
The law which states that costs increase as you shift the factors of production from one good or service to another
What is the law of increasing costs?
200
Actions performed by one person for another
What is a service?
200
Knowledge and skills are both forms of this
What is Human Capital?
200
An examination of the costs and advantages in a given choice
What is a cost benefit analysis.
200
Focusing on a small number of goods or services
What is specialization?
300
A temporary lack of a good or service
What is a shortage?
300
Entrepreneurs combine these
What are the factors of production?
300
The value of the next best alternative given up as a result of a decision
What is Opportunity Costs?
300
Production above the PPF
What is impossible?
400
This is the basic definition of Economics?
What is "the effort to satisfy unlimited wants with limited means"?
400
Natural Resources
What is land?
400
A comparison of the marginal benefits and costs of an activity, outside the binary choice
What is thinking at the margins?
400
the ability of an individual or group to carry out a particular economic activity more efficiently than another activity.
What is Comparative Advantage?
500
an incentive that has an unintended and undesirable result.
What is a perverse incentive?
500
The most common way to improve your physical capital
What is gain new technology?
500
In the "guns vs butter" trade off, this is what butter stands in for
What is consumer goods?
500
This moves the PPF up and to the right
What is increases in the FoP?
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