Scarcity v. Shortage
Temporarily out of something
Shortage
Labor
A useful, tangible item
Good
Another term for alternative choices
Trade-off
What is the number one economic concern for the government?
Inflation
Unlimited wants for limited resources
Scarcity
Gifts of nature or natural resources
Land
A dishwasher is an example
Durable Good
The next best alternative
Opportunity Cost
How does the Fed (Federal Reserve Bank) combat inflation?
By raising interest rates.
These are the three basic questions every society must answer
What to produce, How to produce, For whom to produce
Capital
Division of Labor
Guns vs. Butter is the analogy used to describe this concept
Product Possibilities Frontier
What single event helped the US recover economically from the pandemic
The vaccine
What scarcity leads to
Choices
Jeff Bezos is an example
Entrepreneur
A math teacher or otolaryngologists are examples
Specialists
Jillian wants to attend a four year university but the cost is too expensive. She decides to attend community college instead rather than work full time to afford the four year university. What's the opportunity cost?
Full time work
What's the title given to the economic downturn of 2008-2009?
The Great Recession
What does TINSTAAFL stand for?
There Is No Such Thing As A Free Lunch
The dollar value of all goods and services produced by a country over the course of a year
GDP (Gross Domestic Product)
The term when necessities have low monetary value and luxuries have high monetary value
Paradox of Value
What's required to expand the production possibilities frontier?
Economic Growth
What's the current unemployment rate within 0.5%?
3.5%