Scarcity v. Shortage
Temporarily out of something
Shortage
Labor
A useful, tangible item
Good
Another term for alternative choices
Trade-off
What started economically in March of 2020?
Recession
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
The Fed (Federal Reserve Bank) met yesterday in Jackson Hole, Wyoming for their annual meeting. What lever does the Fed control which can influence inflation?
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's the title given to the economic downturn of 2008-2009?
The Great Recession
What scarcity leads to
Choices
Sara Blakely 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 massive economic powerhouse is experiencing deflation (where the price of goods falls over time)?
China
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)
By making a list of all expenditures and then comparing that to the value you will receive when making a purchase.
Cost-Benefit Analysis
What's required to expand the production possibilities frontier?
Economic Growth
What's the current unemployment rate within 0.4%?
3.5%