Show:
Chapter 1
Chapter 2
Chapter 3
Chapter 4
Extra
100
Type of economics that focuses on the workings of the economy as a whole.
What is macroeconomics?
100
Physical thing that has been produced for sale or use.
What is a good?
100
Economic system that relies on custom and tradition to make decisions.
What is a traditional economy?
100
An approach to production where individuals become highly skilled at a specific task.
What is specialization?
100
An economic system where decisions are made by a powerful ruler or government.
What is a command economy?
200
Giving up one thing for another (choosing one thing over another).
What is trade-off?
200
The resources used to produce goods and services.
What is factors of production?
200
Social economic goal of an economy growing.
What is economic growth?
200
A medium of exchange that can be traded for goods or services, or used to pay debts.
What is money?
200
An economic system where both governments and individuals make economic decisions.
What is a mixed economy?
300
Metaphor that explains how markets coordinate trade better than anyone or anything else.
What is the invisible hand?
300
A lack of something desired that is usually temporary.
What is a shortage?
300
Social goal where a society seeks to provide support for those who cannot provide for themselves.
What is economic security?
300
The ability to perform a task at a lower opportunity cost than someone else.
What is comparative advantage?
300
The most economically-repressed country in the world.
What is North Korea?
400
Principle of Economics that says decisions made today have consequences in the future.
What is future-consequences count?
400
Something that is widely available and in no danger of being used up.
What is a perpetual resource?
400
A binding agreement between a buyer and a seller.
What is a contract?
400
Large-scale manufacturing.
What is mass-production?
400
Tariffs and other measures designed to limit trade.
What are trade barriers?
500
Type of analysis that describes how things are
What is postive economics?
500
An economic model, in the form of a line graph, that shows how an economy might use its resources to produce two goods.
What is a production possibilities frontier?
500
The US' economic system (how it is described by Americans).
What is a free enterprise system?
500
Trade, where both parties give up something in order to get something else that they want.
What is voluntary exchange?
500
"Congress shall have the Power...To regulate Commerce with foreign Nations, and among the several States."
What is the Commerce Clause?