Economics: Ch. 1-2 Word Scramble
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| Term | Definition |
| 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. |
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