Intro to Econ
Knowing that resources are limited and we don't have an infinite amount
Scarcity
An object the you can buy and sell
Good
Any natural/raw resources needed to produce a good/service
Land
Gov System based on people having private property
Capitalism
Production Possibility Frontier
Something that keeps people alive,
Need
Paying someone for an action they do
Service
A location where people buy and sell goods/services
Market
Uses customs, traditions, and roles to answer the economic questions
Traditional Economic System
Something outside the PPF would be considered
Unattainable
A person who uses good and services
Consumer
This is a public choice question
Who
Where businesses get their raw resources to make goods/services
Factor Market
North Korea is the an example of this GOV system
Communism
When you sacrifice the next best thing when choosing something
Opportunity Cost
Someone who makes goods and services
Producer
This is a question of efficiency
How
Human-made tools and machines
Capital
This government is active in its economy
Socialism
Mr. Cabral coaches this team
Boys soccer
Is considered the "Father" of economics
Adam Smith
When your country makes more goods and services, you can say that your country is experiencing...
Economic Growth
When a want is way more expensive than a need
Paradox of Value
This economic system is based on people making decisions in their best interest
Market
The name is Mr. Cabral's Cat
Mochi