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Foundations And Economics
Economic Systems
Supply and Demand
Economic Measurments
International Trade
100
When resources are limited, we have to make trade-offs and we have to locate resources
What is Scarcity
100
Government places few restrictions on the types of business activities in which citizens participate
What is Free enterprise
100
productivity
What will cause a change in demand
100
how many unemployed individuals there are in the work force
What is unemployment rate
100
Most desirable alternative given up as the result of a decision
What is opportunity cost
200
every good or service has a limit to be reached and people have to choose based on needs and wants
What is choice
200
government regulation
What will change supply
200
monetary value of all final good services, within a country's borders in a certain amount of time
What is Gross Domestic Product (GDP)
200
the ability of a individual or country to produce more of a good the the competitors
What is Absolute advantage
300
Land, labors, capital and entrepreneurship
What is Economic factors
300
A government that directly manages their nations social and economic affairs
What is socialism
300
taste and preferences
What will cause a change in demand
300
level of prices rises
What is Rate of inflation
300
workers are paid less and directly affects local producers
What are the cost of free trade
400
the point at which an economy is most efficiently producing its goods and services.
What is a production possibility curve
400
Believes in healthy competition and that government should not interfere with economy
What is Adam smith
400
Taxes
what will cause a change in supply
400
GDP after adjustments inflation
What is Real GDP
400
cheaper price and variety of product increases
What are the benefits of free trade
500
economic system combining private and public enterprise
What is mixed economy
500
the ability of an individual, firm, or country to produce a good or service at a lower opportunity cost.
What is a comparative advantage