Econ and Gov Midterm Review

Front

What is economic scarcity?

Back

The idea that everything has a limited supply.

Front

This economic system has leaders telling others what to do. Some person or people control the economy.

Back

Command

Front

In this type of economic system, businesses produce what consumers want to buy

Back

Market

Front

If an economy is producing inside its production possibilities curve, what might be happening?

Back

All resources are not being fully used

Front

In a positive relationship, when x goes up, y goes up.

Back

When x goes up, y goes up.

Front

The idea that the government should stay out of the economy

Back

Laissez-Faire

Front

The expansion and contraction of the economy over time

Back

Business Cycle

Front

The amount of money for which someone will sell a unit of goods or services

Back

price

Front

When you choose one thing you give up something else

Back

Opportunity cost

Front

If a point is outside of the production possibilities curve

Back

It is not attainable