Economics
The Greek word that "economics" developed from, meaning the management or steward of the household.
What is oikonomos?
What is a Free/Capitalist Market?
A small step that makes a big difference in an action being taken.
What is a margin?
Economic term for satisfaction.
What is utility?
The father of modern economics and author of The Wealth of Nations.
Who is Adam Smith?
A biblical principle that guides decisions in economics, based on the Greek term.
What is stewardship?
A kind of market that is dictated by the government.
Command/socialist market.
The change in total benefit and the change in total cost that results from an action.
What is marginal benefit? What is marginal cost?
An alternative to the item someone would buy.
What is a substitute good?
The author of The Communist Manifesto and Das Kapital.
Who is Karl Marx?
The commonly accepted item used as a medium of exchange.
What is money?
The kind of market adopted by the United States.
What is a mixed economy?
Three types of resources/capital used in production.
What are production resources?
What are material resources?
What are Human Resources?
When the average total cost of production decreases as it produces more related products.
What is economy of scale?
What is economy of scope?
Publisher and producer of Free to Choose, who received the Nobel Prize and Presidential Medal of Freedom.
Who is Milton Friedman?
The kind of market describing Cuba or newly reformed Russia.
Four basic types of choices all actors in an economy make.
What goods and services will an economy produce?How much of a good or service will be produced?
How will people produce goods and services?
How will people distribute goods and services?
A benefit that motivates an action.
What is an incentive?
Who is John Maynard Keynes?
The real cost of doing something that includes the cost of not doing something else.
What is opportunity cost?
The French term used by Adam Smith to describe the government's relationship to a certain type of market.
What is laissez-faire?
A visual representation of the maximum production an economy can have given its production resources.
What is a production possibilities curve?
What is a priority?
What is an incentive?
What is a limitation?
What is an allocation?
Student of Ludwig von Mises and the author of The Road to Serfdom.
Who is Friedrich Hayek?