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Fundamentals of Economics

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vocabulary and concepts from introduction to economics

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