Week 1
Taking care or having ownership of something
What is stewardship?
Any voluntary exchange, from goods to services
What is trade?
special gift each person has, can be anything from artistic to athletic
What are talents?
Principle concerning the difference between right and wrong behavior
What is morality?
Value of what you lose when you chose something else
What is opportunity cost?
The concept that people make decisions based on self-interest and benifits
What is the Invisible Hand?
Someone who organizes a business and takes on larger financial risks to do so
What is an entrepreneur?
Effects of a choice that are unseen or less predictable
What are secondary effects?
Restriction of the exercise of power by subordinating it to well-defined and established laws
What is the Rule of Law?
It motivates you to do something
What are incentives?
A place where two parties gather together to facilitate an exchange of goods or services
What are Markets?
A theory of economics that says that means of production should be regulated by a community as a whole
What is socialism?
A paid position of regular employment
What are jobs?
A mechanism for creating, interpreting and enforcing laws in a certain jurisdiction
What are legal systems?
The kind of decision that the concept of Oppurtunity cost that makes you find how much it costs to do something
What is Marginalism?
Expenses when buying or selling a product
What are transactional costs?
What is capitalism?
Physical capital stock, labor supply, human capital, natural resources, technology...
What are sources of economic progress?
Personal belongings, or something owned by usually one person
What is private property?
Stewardship, admisitration or economics
What is Oikonomia?
The state when opposing forces are balenced
What is equalibrium?
Your entire income before tax reductions
What is a Receipt of Income?
How an individual has acquired wealth
What is the creation of wealth?
A society that ensures everyone has optimum health and human rights as their priority
What is a just society?