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18 Cards in this Set
- Front
- Back
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the study of peoples chooses
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economics
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there is a limited amount of everything
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scarcity
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a temp condition that exist in a market
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shortage
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given up
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opportunity cost
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how money cycles, flow through money
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circular flow
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what is the basic economic problem
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people have unlimited wants and needs but limited resources
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giving up some of one thing to get more of something else
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trade offs
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the additional or extra cost of producing or making one more item
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marginal cost
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the additional or extra benefit received from buying one more unit
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marginal benifit
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decreasing additional satisfaction
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diminishing marginal cost
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any physical or mental efforts used to create things
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human resources
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things created by people that are used to make other products
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productive resources
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the father of socialism
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Karl marx
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father of capitalism
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Adam smith
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the amount that is paid for a good
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price
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the value of the resources
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cost
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single most important foundation of the us economic system
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the right to own property
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voluntary exchange
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they both win
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