Chapters 18 and 19
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| Economics | the branch of knowledge concerned with the production, consumption, and transfer of wealth
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| Microeconomics | the part of economics concerned with single factors and the effects of individual decisions
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| Macroeconomics | the part of economics concerned with large-scale or general economic factors, such as interest rates and national productivity
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| Economic System | a system of production and exchange of goods and services as well as allocation of resources in a society
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| Resource | a stock or supply of money, materials, staff, and other assets that can be drawn on by a person or organization in order to function effectively
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| Scarcity | the state of being scarce or in short supply; shortage
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| Trade-off | a balance achieved between two desirable but incompatible features; a compromise
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| Opportunity Cost | the loss of potential gain from other alternatives when one alternative is chosen
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| Marginal Cost | the cost added by producing one extra item of a product
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| Marginal Benefit | the additional satisfaction or utility that a person receives from consuming an additional unit of a good or service
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| Cost-Benefit Analysis | a process by which business decisions are analyzed
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| Services | the action of helping or doing work for someone
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| Factors of Production | an economic term to describe the inputs that are used in the production of goods or services in the attempt to make an economic profit
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| Capital | wealth in the form of money or other assets owned by a person or organization or available or contributed for a particular purpose such as starting a company or investing
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| Entrepreneur | a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so
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| GDP | the total value of goods produced and services provided in a country during one year
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| Standard of Living | the degree of wealth and material comfort available to a person or community
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| Market | a regular gathering of people for the purchase and sale of provisions, livestock, and other commodities
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| Factor Market | refers to markets where services of the factors of production are bought and sold
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| Product Market | where goods and services produced by businesses are sold to households
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| Productivity | the state or quality of producing something, especially crops
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| Specialization | the act of specializing, or pursuing a particular line of study or work
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| Economic Interdependence | a consequence of specialization, or the division of labor, and is almost universal
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| Capitalism | an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state
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| Free Enterprise | an economic system in which private business operates in competition and largely free of state control
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| Consumer Sovereignty | the situation in an economy where the desires and needs of consumers control the output of producers
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| Private Property Rights | a legal right to or in a particular property
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| Profit Motive | an economic concept which posits that the ultimate goal of a business is to make money
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| Voluntary Exchange | the act of buyers and sellers freely and willingly engaging in market transactions
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| Laissez-Faire Economics | an economic theory from the 18th century that is strongly opposed to any government intervention in business affairs
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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