Fundamentals of Economics
vocabulary and concepts from introduction to economics
Created Date
12.01.19
Last Updated
12.02.19
Viewed 30 Times
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Topics of this game:
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A basic condition that exists when unlimited wants exceed limited productive resources.
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land, labor, capital, entrepreneur
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When we weigh the benefits and costs of each decision
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The maximum amount someone is willing to pay to consume an additional unit of a good or a service.
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The cost of producing one more unit of a good
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Next best alternative given up.
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amount of output per unit of input
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The focus of a worker or business on only one or a few aspects of production in order to improve efficiency
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Act of buyers and sellers freely engaging in market transactions
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goods and services that benefit everyone in a society.
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Government uses laws to control what a business can do.
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Government stops regulating a particular industry.
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economic system in which people make economic decisions based on customs and beliefs handed down from previous generations.
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economic system practiced by socialist countries
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economic system in which the government doesn't interfere with the markets.
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Economic system based on a combination of market forces and government intervention.
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