Factors of Production
Law stating that as consumption increases satisfaction gained from each additional unit declines
What is the Law of Diminishing Marginal Utility
The value of the next best alternative NOT chosen
What is opportunity cost?
Due to scarcity every society/individual must make...
What is a choice
Which economic system do individuals decide the basic economic questions
What is market
The study of people and how they choose to use scarce resources to satisfy unlimited needs and wants
What is economics
The basic economic problem.
What is the current National Debt rounded to the nearest Trillion
What is 38 Trillion!
Capital consists of what?
What is tools and equipment
Which economic system allocates resources based on need and not profit
What is traditional?
What is economize
What economic term means satisfaction
What is utility
What influential economics book was published in 1776?
What is Wealth of Nations
The skills and knowledge of labor
What is Human Capital
Which system does NOT have private property?
What is command
Who is Adam Smith
The branch of economics that focuses on the economy as a whole. Ex.) Unemployment, Inflation, GDP
What are trade offs?
Mental and Physical effort is referred to as
What is labor?
Which system passes down knowledge from one generation to the next. ex) The master craftsman training an apprentice.
What is traditional?
Branch of economics that focuses on individual behavior
What is microeconomics
The three economic questions all economic systems must answer.
What to produced?
How to produce it?
For whom should it be produced?
What is the Production Possibilities Frontier (Curve) model?