Econ Final Exam Review

Front

Unlimited wants and limited resources

Back

Scarcity

Front

Possible options that we can choose from when we face scarcity: Trade-off, Sole Proprietorship, Structural Unemployment, Market Economy

Back

Trade-off

Front

A situation in which something needed cannot be obtained because of insufficient amounts

Back

Shortage

Front

The next best alternative given up when a choice is made

Back

opportunity cost

Front

land, labor, capital, entrepreneurship

Back

Factors of Production

Front

Gross Domestic Product, measured by economic growth

Back

GDP

Front

Consumer Price Index, measured by price stability

Back

CPI

Front

unemployment that occurs when people take time to find a job

Back

Frictional Unemployment

Front

The mandated minimum amount a seller is allowed to charge on a product

Back

Price Floor

Front

The mandated maximum amount a seller is allowed to charge on a product

Back

Price Ceiling