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13 Cards in this Set

  • Front
  • Back
The condition that arises because the available resouces are insufficient to satisfy wants.
A reward or penalty - a "carrot" or a "stick" - that encourages or discourages an action.
The social science that studies the choices that we make as we cope with scarcity and the incentives that influence and reconcile our choices.
The study of the choices that individuals and businesses make and the way these choices respond to incentives, interact, and are influenced by governments.
The study of the aggregate (or total) effects on the national economy and the global economy of the choices that individuals, businesses, and governments make.
Standard of Living:
The level of consumption of goods and services that people enjoy, on the average; it is measured by average income per person.
Goods and Services:
The objects that people value and produce to satisfy human wants. Goods are physical objects, and services are tasks performed for people.
The state of being available and willing to work but unable to find an acceptable job.
Cost of Living:
The number of dollars it takes to buy the goods and services that achieve a given standard of living.
A situation in which the cost of living is rising and the value of money is shrinking.
A situation in which the cost of living is falling and the value of money is rising.
Business Cycle:
A periodic but irregular up-and-down movement in production and jobs.
Great Depression:
A period during the 1930s in which the country experienced it's worst-ever recession.