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20 Cards in this Set

  • Front
  • Back
Shortage
A Situation in where a good is unavaliable (excess demand) temporarily our of stock
Law of Increasing Costs
as we shift factors of porduction from making one good service to another, the costof producing the second item increases.
Guns vs. Butter
a phrase that refers to the trade-offs that nations face when chosing whether to produce more or less military or consumer goods
Production Possibilities Frontier
the line on a production possibilities graph that shows the maximum possible output for a specific economy
Scarcity
something that always exist
Decision made at the margin
making a decision ahead
Human Capital
the knowledge and skills a worker gained through education and expierance
Physical Capital
human made objects to create other goods and services
Entrepreneur
someone who creates new goods & services by combining land, labor, and capital
What can a decision-making grid do?
it helps determine whether we are willing to accept opportuity cost.
Thinking at the margin
thinking ahead & which would benefit better
shortage
when producers cannot/ will not offer goods at current prices
specialization
the limited number of activites for a certain individual
Adam Smith
the one who believed goverment shouldnt intervene with business
what is the function or an economic system?
the function of an economic system is to produce goods & services
what are the advantages of a free market?
they are based economy on individualism trade
Vladimir Lenin
is a revolutionist from Russia that brought in communication
Traditional Economy
based on ritual, custom morals on products
Market
a free market based economy is in charge of making the choices
Centrally Planned Economy
is where goverment interveneance is made and they control everything