Week 1
The study how choices are made
Economics
It's what you give up when making a choice
Opportunity Cost
Tools, Machinery, equipment are examples of _________________
Physical Capital
The Frontier/Curve will shift to the right when you have_________________
People have trouble getting ahead in this system
Command
Limited Resources to meet unlimited wants
Scarcity
Scarcity forces you to make _________________
Choices
Knowledge, Experience, Skills are examples of ____________________
Human Capital
System where the Government owns businesses
Command/Centrally Planned
You might not know this but this Motivates us___________________
Self Interest
The Fundamental Problem; it never goes away....
What is Scarcity again
Adding or Subtracting 1 means ________________?
Marginal
People who earn wages and income are examples of ____________________
Labor
System where you have the most Freedom
Market/Capitalism
You might not know this, but this keeps prices low and quality high
Competition
The small picture like buying and selling in a market
Microeconomics
When making a decision the benefits should be more than the _____________________
Costs
Someone who starts a business and pays for the start up costs are called ______________________
entrepreneurship
All Economic systems are considered
Mixed
Are necessary for survival
Needs
The big Picture like: Trade, Spending, Unemployment, and Inflation
Macroeconomics
Gold, Salt, Lumber, Drinking Water, Electricity, and Food are examples of ___________________
Land
Inside the PPF you would be
Inefficient
System that uses ritual, habit, and customs
Traditional System
These goods produce other goods
Capital Goods