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100
An individual who is willing to organize and manage a business in order to make a profit.
What is an entrepreneur?
100
The four factors of production.
What are: natural/land human/labor capital entrepreneurship?
100
The "father of modern economics".
Who is Adam Smith?
100
The amount of goods and services the work force can produce during a given time period—an hour, a week, a month, or a year
What is labor productivity.
100
Costs that remain the same regardless of the amount of products a firm produces.
What are fixed costs?
200
The three basic economic questions.
What goods and services to produce? How should goods and services be produced? For whom will goods and services be produced?
200
The additional revenue generated from the sale of an additional quantity of product.
What is marginal revenue?
200
The output of goods and services measured per unit of input by labor, capital, or land.
What is productivity?
200
Measures the value of all the goods and services produced expressed in current prices.
What is nominal GDP?
200
The largest component of GDP.
What is consumer spending?
300
The financial health of a population, as measured by per capita income and consumption of goods and services by individuals or households.
What is standard of living?
300
The final value of all goods and services produced within a country in a year.
What is GDP?
300
The formula used to calculate GDP.
What is C + I + G + (NX)?
300
The real gross domestic product divided by the country’s population.
What is real per capita GDP?
300
A price index that reduces current prices into prices of a base year.
What is a price deflator?
400
The most common measurement of the production of the U.S. economy.
What is gross domestic product (GDP)
400
Costs that change with changing amounts of production.
What variable costs?
400
The difference between what the nation sells to other countries (exports) and what it buys from other countries (imports). 
What is net exports?
400
Measures the value of all the goods and services produced expressed in the prices of some base year using a price deflator.
What is Real Gross Domestic Product?
400
The additional cost of increasing a unit of production.
What is marginal cost?
500
Decision making that involves comparing marginal benefits and marginal costs.
What is marginal analysis?
500
Reductions in cost resulting from large-scale production.
What is economies of scale?
500
The 4 factors that improve productivity over the years.
What is: The Quality of Human Resources The Quality of Management The Quantity and Quality of Capital Resources Technological Change
500
The four components used to calculate GDP.
What are consumer goods, investments, government spending, and net exports?
500
An economic principal which holds that as more variable resources (workers, materials) are added to a fixed amount of other resources (buildings, equipment) the additional (marginal) amount produced eventually decreases.
What is the law of diminishing marginal returns?