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Economic Principles
Economists Tools
Various Terms Chapter 1
PPF Chapter 2
Economic Systems Chapter 3
100
Unlimited wants and limited resources
What is Scarcity Forces Tradeoffs
100
Pose question, develop hypothesis, collect information, evaluate hypothesis
What is Scientific Method
100
The father of modern economics
What is Adam Smith
100
A simple graph that shows combinations of two goods that can be produced with available resources
What is Production Possibilities Frontier - PPF
100
Economic system in which decisions about production and consumption are based on custom.
What is Traditional
200
Decisions made today impact the future
What is Future Consequences Count
200
People make decisions based on reason
What is Rational Behavior Model
200
It is a social science that looks at society on what has been done and tries to predict the future.
What is Economics
200
The principle that government should not interfere with the workings of the economy. "Let them do"
What is Laissez-faire
200
The ability to make our own economic decisions without interference from the government.
What is Economic Freedom
300
I pay to have my car repaired
What is Trade Makes People Better Off
300
Economist tool that shows only two sets of data
What is limitation of graphs
300
The goal is to describe how things are.
What is Positive Economics
300
The satisfaction a person receives from consuming a product or service.
What is Utility
300
Provide its less fortunate members with the support they need in terms of food, shelter, and health care to live decently.
What is Economic Security
400
I have four pair of shoes. Do I need one more?
What is Thinking at the Margin
400
Visual representations of two sets of data
What is Graphs
400
Mysteries, puzzles
What is Economic Enigmas
400
Output/inputs
What is Productivity
400
An economic system in which both the government and individuals play important roles in production and consumption
What is Mixed Economy
500
I am driving 60MPH in a 45MPH zone and get a speeding ticket
What is Incentives Matter
500
Economist tool that explains both past events and predict future ones
What is Economic Model
500
Branch of economics where decisions are made by individuals, households, and businesses.
What Microeconomics
500
The knowledge and skills people gain from education, on-the-job training, and other experiences.
What is Human Capital
500
An economic system in which decisions about production and consumption are made by a powerful ruler or government.
What is Command Economy