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Economics: Ch. 1-2

Economics Final

TermDefinition
Law of Increasing Costs Must give up increasingly large amount of one good for another. Trade-offs are not uniform.
Opportunity Cost Most important sacrifice. Most desirable alternative.
3 Basic Questions What to produce? How to produce? Who gets it?
Economic Scarcity Main problem. Everything is limited. Everyone cannot have everything that they want.
American Capitalism Private property, self-interest, contracts, competition, limited gov. involvement.
Traditional Economy Focus on family and trade.
Market Economy Driven by self-benefit.
Command Economy Leaders decide on and control economy.
Production Possibilities Curve Shows efficiency in resources and production.
Positive and Inverse Relationships Positive: variables move in the same direction Inverse: variables move in opposite direction
Laissez-Faire Policy of non-gov involvement. Self interest maximizing wealth.
Competition and Self-Interest Leads to improvement and new product development.
Economics of Scale Mass production = cheaper cost
Specialazation Those who are most capable make on product.
Business Cycle Expansion and contraction of economy over time.
Productivity Possible level of output from a given input.
Efficiency Least resources with the greatest results.
US Economic Goals Freedom, efficiency, security, stability, and growth.
Created by: amgraf2015
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