The problem of having seemingly unlimited wants in a world of limited rescources
What is scarcity?
100
Producing something at a lower cost than anyone else
What is comparative advantage?
100
an increase in price results in an increase in quantity supplied
What is the Law of Supply?
100
a general increase in prices and fall in the purchasing value of money
what is inflation?
200
value of something that must be given up to get something else
What is opportunity cost?
200
the assumption that all rescources are being fully utilized
What is a basic assumption of a production possibilities curve?
200
the quantity demanded of a good increases when its price falls and vice versa
what is the law of demand?
200
net exports, government spending, investments, consumption
What is included in Gdp?
300
The ability to produce more of something than someone else
What is absolute advantage?
300
Land, Labor, Capital, and Entrepeneurship
What are the Factors of Production?
300
the law that with each additional unit consumption less satisfaction is achieved
what is Law Of Diminishing Marginal Utility?
300
monetary value of all the finished goods and services produced within a country's borders
What is Gross Domestic Product?
400
A government-imposed trade restriction on number/value of imports or exports.
What is quota?
400
attitude of letting things take their course
What is Laissez-faire?
400
market is not in equilibrium-that is quantity supplied doesn't equal quantity demanded
what is shortages and surpluses?
400
market value of all the products and services produced in one year by labour and property supplied by the citizens of a country
what is GRoss national Product?
500
10 principles of economics
What is the principle that people make trade offs, opportunity cost, rational people think on margins, people respond to incentives, trade makes everyone better off,
500
economic decisions are taken by government
What is Command economy?
500
the 6 supply shifters
what is technology, subsidies and taxes, expectations, competitive prices, and number of competition?