Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
14 Cards in this Set
- Front
- Back
|
Opportunity Cost |
What you are giving up to get what you want |
|
|
Positive vs. Normative Thinking |
+ = what is, (facts), empirical evidence - = what ought to be, feelings, judgements |
|
|
Production Possibility Frontier |
Every combination of X and Y that a producer can make using all of it's scarcities/resources. --> fully employed |
|
|
Types of Economies |
Traditional Market Command Mixed |
|
|
Traditional Economy |
Old school customs Not used anymore |
|
|
Market Economy |
private, no middle man, no government interference, don't want gov't regulations |
|
|
Command Economy |
All decisions made by the government |
|
|
Mixed Economy |
combination of multiple economic structures. Most commonly used today. |
|
|
Demand Schedule |
the relationship between price and quantity demanded |
|
|
Law of Demand |
the higher the price, the lower the quantity demanded. |
|
|
Things that affect demand schedule |
tastes + preferences, income, price of other goods. |
|
|
Compliment Good |
something that goes along with the good, ex - a vehicle and gasoline |
|
|
Substitute Good |
something that can replace the good, ex - sugar and splenda |
|
|
a price change causes |
a change in quantity |
