collective and individual are the two types of....
What are wants?
100
First economist to recognize benefits of division of labor
Who is Adam smith?
200
The tension between infinite wants and finite resources
What is scarcity?
200
The things that make life better
What is wants?
200
anything that puts the skills, effort and mental abilities of human work
What is labor?
200
wants that are provided by ourselves through a wage
What is individual wants?
200
production possibilities frontier
What does PPF stand for?
300
A set of external motivators that explains people's choices
What are incentives?
300
human needs and wants are unlimited, but the ability to fulfill the needs and wants are limited.
What is the basic economic problem?
300
the "machinery" used to create the goods and services we desire
What is capital?
300
wants that are provided by the government and paid by taxes
What is collective wants?
300
Every choice involves an alternative that you didn't choose
What is opportunity cost?
400
individuals and countries should specialize in things they have a ___________ advantage in.
What is comparative?
400
tangible items we use to satisfy needs and wants.
What is goods?
400
risk taking individuals are key in this type of resource.
What is entrepreneurship?
400
Infrastructure, public transport
What are some examples of collective wants?
400
macroeconomics and microeconomics
What are the two main types of economics?
500
The study of production, employment, prices and policies on a nation wide scale.
What is macroeconomics?
500
An actual item, can be touched
What is tangible?
500
The consequence of scarce resources is that we have to make a _________
What is choice?
500
recurrent, complementary, competitive, unlimited and changeable
What are the characteristics of wants?
500
This model shows the maximum attainable amount of products for a country or individual, a way to distinguish between the tradeoffs and opportunity cost