Econ Final Exam Review

Unlimited wants and limited resources

• Subsidy

• Scarcity

• Cyclical Unemployment

• Mixed Economy

Possible options that we can choose from when we face scarcity

• Trade-off

• Sole Proprietorship

• Structural Unemployment

• Market Economy

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

• Trade-off

• Shortage

• Mixed Economy

• Factors of Production

The next best alternative given up when a choice is made

• Price Floor

• Appreciate

• opportunity cost

• Frictional Unemployment

land, labor, capital, entrepreneurship

• Sole Proprietorship

• Factors of Production

• Tariff

• Trade-off

Gross Domestic Product, measured by economic growth

• structural unemployment

• Factors of Production

• GDP

• Sole Proprietorship

Consumer Price Index, measured by price stability

• Mixed Economy

• CPI

• Depreciate

• Tariff

unemployment that occurs when people take time to find a job

• Scarcity

• Quota

• Subsidy

• Frictional Unemployment

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

• Price Floor

• Production Possibilities Curve

• Quota

• Seasonal Unemployment

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

• Exchange rate

• Price Ceiling

• Seasonal Unemployment

• The Law of Supply