First economist to recognize benefits of division of labor
Who is Adam smith?
200
The tension between infinite wants and finite resources
What is scarcity?
200
The things that make life better
What is wants?
200
anything that puts the skills, effort and mental abilities of human work
What is labor?
200
production possibilities frontier
What does PPF stand for?
300
A set of external motivators that explains people's choices
What are incentives?
300
human needs and wants are unlimited, but the ability to fulfill the needs and wants are limited.
What is the basic economic problem?
300
the "machinery" used to create the goods and services we desire
What is capital?
300
Every choice involves an alternative that you didn't choose
What is opportunity cost?
400
Studies economic behavior as it is
What is positive economics
400
tangible items we use to satisfy needs and wants.
What is goods?
400
risk taking individuals are key in this type of resource.
What is entrepreneurship?
400
macroeconomics and microeconomics
What are the two main types of economics?
500
The study of production, employment, prices and policies on a nation wide scale.
What is macroeconomics?
500
Work that one person does for another
What is services
500
The consequence of scarce resources is that we have to make a _________
What is choice?
500
This model shows the maximum attainable amount of products for a country or individual, a way to distinguish between the tradeoffs and opportunity cost