Basic Terms
All physical items created by people in production.
What is Capital?
What does PPC stands for.
What is production Possibility Curve?
The idea that resources are limited and cannot meet people's needs.
Economics on the small scale.
What is microeconomics?
A basic requirement of survival
What is a need
Resources in their rawest form.
What is Land?
The point outside of the optimal production curve on a PPC.
What is a point of impossibility?
This happens when there is an overabundance of a product relative to demand.
What is a Surplus?
Economics on the Large Scale.
What is Macroeconomics?
The person who takes on the risk of starting a buisness.
What are Entrepreneurs?
In Supply and Demand what goes up and what goes down?
Supply to the sky and Demand to the dirt.
The total worth of a government's economy.
What is GDP (Gross Domestic Product?)
A desired thing to benefit everyday life
What is a want
What PPF stands for.
What is Production Possibility Frontier?
This is the difference between the price the seller received and how much they were willing to sell it for.
What is the Producer Surplus
The repeated cycle of expansion and contraction in the economy.
What is the buisness cycle?
What is Productivity?
Whenever this happens the demand curve on a supply and demand chart moves left.
What is a shortage?
This is the difference between what you are willing to pay and what you actually pay.
What is Consumer Surplus?
The market controls productivity and distribution with minimal government interference.
What is free enterprise?