Scarcity and the Science of Economics
Basic Economic Concepts
Economic Choices and Decision Making
Specialization and Trade
Circular Flow model matrix
100
The condition that results from society not havning enough resources to produce all the things people would like to have.
What is scarcity.
100
Manufactured goods that are used to produce other goods and services
What is capital goods
100
The cost of the next best alternative use of money, time, or resources when one choice is made rather than another.
What is opportunity cost
100

What does specialization and trade allow for

What is increase the productivity of a nation’s resources and allows for greater total output

100

shows expenditures and incomes that result from decision makers’ choices and

What is the circular flow model

200
The 3 basic questions one must ask when making wise economic decisions.
What is what to produce, how to produce, and for whom to produce.
200

Study of small economic units such as individuals, firms, and industries

What is the MICROeconomics-

200
A diagram representing various combinations of goods and/or services an economy can produce when all productive resources are fully employed
What is Production Possibilities Frontier
200

participating in an open economy and trading resources in order to maximize production and meet demands

What is a voluntary exchange

200

are individuals or people living together as decision-making units.

Households

300
Name the Factors of Production.
What is land, capital, labor, and entrepreneurs.
300

Study of the large economy as a whole or economic aggregates

MACROeconomics-

300
A way of thinking about a problem that compares the costs of an action to the benefits received
What is cost-benefit analysis
300

one person (nation) is more productive than another person (nation) in several or even all activities.

Absolute advantage

300

are institutions that organize production of goods and services

What is a business

400
The dollar value of all final goods and services.
What is Gross Domestic Product (GDP)
400

Based on facts. Avoids value judgements

What is Positive Statements- 

400
A type of economy in which consumers and privately owned businesses, rather than the government, make the majority of the WHAT, HOW, and FOR WHOM decisions
What is Free Enterprise Economy
400

ability of a person (nation) to perform an activity or produce a good or service

What is a Comparative advantage

400

is any arrangement that brings buyers and sellers together and enables them to do business

What is a market

500

is the science of scarcity. It is the study of how people make choices when resources are limited.

Economics

500

Includes value judgements (what ought to be).

What is Normative Statements- 

500
The "Father of Classical Economics"
What is Adam Smith
500

Beyond utilizing the output method, comparative advantage can be determined through what is referred to as the

What is a input method

500

The federal government finances its expenditures by

What is a collecting taxes

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