Fundamentals
Factors of Production
Opportunity Costs/CFD
Fundamentals Pt. 2/ PPC
Economic Systems
100
Economics
What is the study of choices people make to satisfy their needs and wants.
100

An object that can be bought by a consumer

Good

100
Opportunity Cost
What is the next best thing/alternative
100

Anything on the PPF is considered 

Effective

100

This economic system is based on customs, traditions, and system of trading. 

What is a traditional economy

200
When Limited Resources Meet Unlimited Wants and Needs
What is Scarcity
200

When someone performs some sort of action for a consumer

Service

200

ALL the alternatives that we give up when making a choice

What is trade-off

200

These are used in order to get people to start/stop doing something

What are incentives

200

Cuba, North Korea, U.S.S.R. are all examples of this economic system

What is a command market

300

Basic economic question that decides where to use resources in 

"What to produce"

300

Water, sunlight, plants, animals are all examples of this

natural resources (Land)

300

People are part of this group in the Circular Flow Diagram

Household

300

Anything outside the PPC is considered

Unattainable

300

Government system where there is no private property

Communism

400

Basic economic question that answers what group of people to produce goods and services for

"Whom to produce?"

400

This factor of production combines Land, Labor & Capital 

What is an Entrepreneur

400

Business and Companies are considered this part of the Circular Flow Diagram

Firms

400

PPF stands for

Production Possibilty Frontier

400

This government system is based on free choice and competition

Capitalism

500
Scarcity causes people to (not panic)
What is make a choice
500

A new oven at Domino's Pizza is this factor of production.

Capital

500
Where people and business buy/sell finished goods and services

Product Market

500

One event that will cause PPF or Curve to shift to the right

-More Natural Resource
- Increase in Population
- Better Technology

500

An economic system that has charateristics of both market and command economic systems

What is a mixed economy

M
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