Econ Fundamentals Vocab - Searcy

Front

The ability of a nation to produce more total units of a good or service

Back

Absolute Advantage

Front

Distributing a scarce resource

Back

Allocation

Front

Various methods for the distribution of scarce resources

Back

Allocation Strategies

Front

Goods which effect productivity over time, lead to long term growth

Back

Capital Goods

Front

Economic system where the 3 economic questions are answered by the government

Back

Command Economy

Front

The ability of a nation to produce a good or service at a lower opportunity cost

Back

Comparative Advantage

Front

Products (the end result of production and manufacturing) bought for consumption by the average consumer.

Back

Consumer Goods

Front

Meaning that the buyers dictate which goods will be produced

Back

Consumer Sovereignty

Front

Giving workers specific tasks with the end goal of workers becoming more productive using resources

Back

Division of Labor

Front

Goal of a market to make the best use of its resources, using inputs (factors of production) in a manner that keeps production costs as low as possible

Back

Economic Efficiency