Term
| the inability to satisfy all our wants |
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Definition
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Term
| the study of the choices that individuals and businesses make, the way these choices interact in markets, and the influence of governments. |
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Definition
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Term
| the study of the performance of the national economy and the global economy |
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Definition
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Term
| land, labor, capital, and entreprenuership |
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Definition
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Term
| the quality of labor depends on _____ _____, which is the knowledge and skill that people obtain education, on-the-job training, and work experience. |
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Definition
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Term
| Who started the keynesian revolution? |
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Definition
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Term
| John Maynard Keynes questioned the _____ theory, and said that the economy needed _____ from the _____. |
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Definition
| classical; help; government |
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Term
| Keynes suggested and promoted that we need to increase _____ to help the economy |
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Definition
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Term
| Say's law states that _____ creates its own _____. |
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Definition
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Term
| FDR created the first budget with an _____ _____? |
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Definition
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Term
| David Ricardo expanded the concept of "_____ _____" to include other nations. |
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Definition
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Term
| open borders increase _____ and _____. |
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Definition
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Term
| David Ricardo argued that _____ _____ would increase the economic well-being of all |
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Definition
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Term
| What are the scarce resources? |
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Definition
| Land, Labor, Capital, and Entrepreneurship |
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Term
| What are scarce resources also known as? |
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Definition
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Term
| The three questions of economics? |
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Definition
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Term
| the boundary between those combinations of goods and services that can be produced and those that cannot. |
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Definition
| Production Possibilities Frontier |
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Term
| if we produce all goods and services at the lowest possible cost |
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Definition
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Term
| the _____ _____ of an action is the highest-valued alternative forgone. |
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Definition
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Term
| When goods and services are produced at the lowest possible cost and in the quantities that provide the greatest possible benefit |
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Definition
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Term
| the _____ _____ of a good is the opportunity cost of producing one more unit of it. |
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Definition
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Term
| the _____ _____ from a good or service is the benefit received from consuming one more unit of it. |
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Definition
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Term
| At the best point on the PPF, we _____ produce more of one good with giving up some other good that provides great benefit. |
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Definition
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Term
| A person has a _____ _____ in an activity if that person can perform the activity at a lower opportunity cost than anyone else. |
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Definition
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Term
| a _____ is an economic unit that hires factors of production and organizes those factors to produce and sell goods and services. |
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Definition
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Term
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Definition
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Term
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Definition
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Term
| where a demand curve and supply curve meet |
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Definition
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Term
| Marginal Benefit > Marginal Cost |
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Definition
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Term
| Marginal Benefit < Marginal Cost |
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Definition
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