Vocabulary 1
Human Resources
Labor
highest valued alternative given up as a result of making a choice
Opportunity Cost
Pierre is the Capital city of what state
South Dakota
resources and products owned by government
public property
Wrote the Wealth of Nations
Adam Smith
imagination, innovative thinking, and management skills needed to start and operate a business
Entrepreneurship
government holds most property rights in this type of economy
Command
Major League Baseball Team in San Diego
Padres
giving up some of one thing for more of another
trade off
Created the SEC
Franklin D Roosevelt
Social Science that studies how people, acting individually and in groups decide to use scarce resources to satisfy their wants
Economics
positive difference between total sales and total costs
profit
Confederate General of Army of Northern Virginia in the Civil War
Robert E. Lee
people in this economy rely on traditions and customs to make economic choices
traditional
President who passed the Consumer Bill of Rights in 1962
John F. Kennedy
buildings, tools, machines people use to produce final goods and services
Capital
an economy that relies on voluntary trade as the primary means of organizing and coordinating production
Market
Stockholm is the capital city of what Scandinavian country (Sweden, Finland, Norway, Estonia)
Sweden
quantities of particular good or service that consumers are willing and able to buy at different prices at different times
demand
President during the beginning of the depression
Herbert Hoover
inequality existing between wants and the resources available to satisfy them
Scarcity
study of individual consumers and businesses
Microeconomics
Current United States Secretary of State (Mike Pompeo, Anthony Blinken, John Kerry, Condoleeza Rice
Blinken
Measure of the impact of the price effect
Price Elasticity
Founder of the AFL
Samuel Gompers