people’s wants and needs are unlimited and the resources required to meet those needs and wants are limited

Is concerned with the actions of individuals and businesses

people’s wants and needs are limited and the resources required to meet those needs and wants are unlimited

The value of any alternative that you must give up when you make a choice, or the value of the opportunity lost

• Is concerned with the actions of individuals and businesses

people’s wants and needs are unlimited and the resources required to meet those needs and wants are limited

The value of any alternative that you must give up when you make a choice, or the value of the opportunity lost

• That which is gained by making a particular choice

• Is concerned with the actions of individuals and businesses

• The value of any alternative that you must give up when you make a choice, or the value of the opportunity lost

• The branch of economics that examines the behavior of the whole economy

• That which is gained by making a particular choice

• The branch of economics that examines the behavior of the whole economy

• Is concerned with the actions of individuals and businesses

• That which is gained by making a particular choice

• The value of any alternative that you must give up when you make a choice, or the value of the opportunity lost

The branch of economics that examines the behavior of the whole economy

• The condition that occurs when people’s wants and needs are unlimited and the resources required to meet those needs and wants are limited

• That which is gained by making a particular choice

• Is concerned with the actions of individuals and businesses

3

1

6

5

Define the problem, List the alternatives, Evaluate the alternatives, List the criteria, Decide on the best alternative

List the alternatives, List the criteria,Evaluate the alternatives,Define the problem, Decide on the best alternative

1. Define the problem, List the alternatives, List the criteria, Evaluate the alternatives, Decide on the best alternative

List the criteria,Define the problem, List the alternatives, Evaluate the alternatives, Decide on the best alternative

• Is the part of the economy that is owned by individuals and operated for their personal benefit (PROFIT)

• The changing of government spending and taxes in order to control or affect economic activity

an economic system based on the private ownership of property and the accumulation of capital

• Is the part of the economy owned and operated by the whole society for the benefit of all (GOVERNMENT)

• Includes total economic output from U.S. owned companies, regardless of where they are doing business

• Is the part of the economy owned and operated by the whole society for the benefit of all (GOVERNMENT)

• Is the part of the economy that is owned by individuals and operated for their personal benefit (PROFIT)

• The condition that occurs when people’s wants and needs are unlimited and the resources required to meet those needs and wants are limited

1. Promoting competition in the private sector

1. Defining and enforcing property rights

Business pays no special or corporate taxes

1. Providing public goods, Dealing with negative externalities

1. Redistributing Income

one in which the questions of scarcity are answered by historical tradition and societal customs

one in which economic decisions are made by individual consumers in the marketplace

1. one in which the economic decisions for the society are made by central authority

one in which economic decisions are made by individual consumers in the marketplace

one in which the economic decisions for the society are made by central authority

one in which the questions of scarcity are answered by historical tradition and societal customs

an economic system based on the private ownership of property and the accumulation of capital

 one in which economic decisions are made by individual consumers in the marketplace

one in which the economic decisions for the society are made by central authority

one in which the questions of scarcity are answered by historical tradition and societal customs

father of capitalism, the communist manifesto, wrote about injustice

invisible hand, german philosopher, economist

scottish philosopher, wealth of nations, father of capitalism

philosopher, the communist manifesto, father of capitalism

one in which the questions of scarcity are answered by historical tradition and societal customs

one in which the economic decisions for the society are made by central authority

one in which economic decisions are made by individual consumers in the marketplace

the communist manifesto, wrote about injustice, philosopher

economist, scottish philosopher, father of capitalism

wealth of nations, the communist manifesto, philosopher

economist, invisible hand, wrote about injustice

• The ratio to change in quantity demanded to the change in price

• The quantity of an economic product demanded will vary inversely with its price

• Small change in demand when price changes (Consumers are insensitive)

• A large change in demand when price changes (Consumers are sensitive)

• The quantity of an economic product demanded will vary inversely with its price

• Small change in demand when price changes (Consumers are insensitive)

• The quantity of an economic product supplied varies directly with its price

• As additional units of a product are consumed, the additional satisfaction gained from each unit becomes less and less

• A large change in demand when price changes (Consumers are sensitive)

the condition at which supply is greater than demand at a certain price (has a downward pressure on prices)

• The ratio to change in quantity demanded to the change in price

• Small change in demand when price changes (Consumers are insensitive)

• The ratio to change in quantity demanded to the change in price

• Small change in demand when price changes (Consumers are insensitive)

• the price at which supply and demand are the same

• The quantity of an economic product supplied varies directly with its price

any gift of nature

• previously made goods, machinery, buildings, etc.

any human effort

 organizing and management

 previously made goods, machinery, buildings, etc.

organizing and management

• any gift of nature

•  any human effort

• A large change in demand when price changes (Consumers are sensitive)

• The quantity of an economic product supplied varies directly with its price

the price at which supply and demand are the same

 the condition at which supply is greater than demand at a certain price (has a downward pressure on prices)

organizing and management

any gift of nature

any human effort

any gift of nature

Low Prices = Low Supply

• Low Prices = High Supply

Low Prices = High Supply

• High Prices = High Supply

 the price at which supply and demand are the same

• the condition at which supply is greater than demand at a certain price (Has a downward pressure on prices)

• the condition in which demand is greater than supply at a certain price (Has an upward pressure on prices)

•  the condition at which supply is greater than demand at a certain price (has a downward pressure on prices)

 the price at which supply and demand are the same

• the condition in which demand is greater than supply at a certain price (Has an upward pressure on prices)

•  the condition in which demand is greater than supply at a certain price (Has an upward pressure on prices)

•  the price at which supply and demand are the same

the condition at which supply is greater than demand at a certain price (has a downward pressure on prices)

• one in which all partners are responsible for the management of the business

• when one or more of the partners do not take an active role in the day-to-day operations of the business (silent partner)

• when one or more of the partners do not take an active role in the day-to-day operations of the business (silent partner)

• one in which all partners are responsible for the management of the business

• When two or more businesses at different steps in the production process join together to eliminate “middlemen” profits

• When two or more businesses at the same level of production or the same level of supply chain join together

• A joining together or combination of two or more businesses into one firm

• The nature and degree of competition among firms in the same industry

• When two or more businesses at the same level of production or the same level of supply chain join together

• A joining together or combination of two or more businesses into one firm

• When two or more businesses at different steps in the production process join together to eliminate “middlemen” profits

• A joining together or combination of two or more businesses into one firm

• When two or more businesses at the same level of production or the same level of supply chain join together

• When two or more businesses at different steps in the production process join together to eliminate “middlemen” profits

• The annual aggregate output of a nation (all the goods and services produced in a given year)

• The nature and degree of competition among firms in the same industry

• A market structure in which there are only a few very large sellers of an economic product

• A market situation in which there is only one seller of an economic product for which there is no close substitute (Pure Monopoly)

• The nature and degree of competition among firms in the same industry

• A market situation in which there is only one seller of an economic product for which there is no close substitute (Pure Monopoly)

• A market structure in which there are only a few very large sellers of an economic product

The condition in which people do not have enough income to provide for their basic needs such as food, shelter, clothing, and utilities

• A market structure in which there are only a few very large sellers of an economic product

• A joining together or combination of two or more businesses into one firm

• Includes total economic output from U.S. owned companies, regardless of where they are doing business

• A market situation in which there is only one seller of an economic product for which there is no close substitute (Pure Monopoly)

the exchange of money for goods and services

• Includes total economic output from U.S. owned companies, regardless of where they are doing business

the exchange of money for the factors of production

• The annual aggregate output of a nation (all the goods and services produced in a given year)

• Includes total economic output from U.S. owned companies, regardless of where they are doing business

 the exchange of money for the factors of production

•  the exchange of money for goods and services

• The annual aggregate output of a nation (all the goods and services produced in a given year)

True

False

False

True

unemployment

lack of productivity, ability/skill/cognition

restriction to job entry

underemployment

all of the above

•  unemployment of people who are temporarily unemployed between jobs due to change in career, company or location

unemployment resulting from skills that do not match what employers require or being geographically separated from job opportunities

unemployment resulting from too low a level of aggregate demand. Economic downturns result in layoffs, or lack of new job creation, and thus, higher unemployment

• unemployment of people who are out of work because of factors that vary with the time of the year

•  unemployment of people who are temporarily unemployed between jobs due to change in career, company or location

unemployment resulting from skills that do not match what employers require or being geographically separated from job opportunities

unemployment resulting from too low a level of aggregate demand. Economic downturns result in layoffs, or lack of new job creation, and thus, higher unemployment

• unemployment of people who are out of work because of factors that vary with the time of the year

•  unemployment of people who are temporarily unemployed between jobs due to change in career, company or location

unemployment resulting from skills that do not match what employers require or being geographically separated from job opportunities

unemployment resulting from too low a level of aggregate demand. Economic downturns result in layoffs, or lack of new job creation, and thus, higher unemployment

• unemployment of people who are out of work because of factors that vary with the time of the year

•  unemployment of people who are temporarily unemployed between jobs due to change in career, company or location

unemployment resulting from skills that do not match what employers require or being geographically separated from job opportunities

unemployment resulting from too low a level of aggregate demand. Economic downturns result in layoffs, or lack of new job creation, and thus, higher unemployment

• unemployment of people who are out of work because of factors that vary with the time of the year

something commonly accepted in trade for goods or services

allows one to save the value of a good or service for use at a later time.

•  a way of assessing the value of an item in terms all can understand

something commonly accepted in trade for goods or services

allows one to save the value of a good or service for use at a later time.

•  a way of assessing the value of an item in terms all can understand

something commonly accepted in trade for goods or services

allows one to save the value of a good or service for use at a later time.

•  a way of assessing the value of an item in terms all can understand

•  can be carried easily

•  can break it into smaller unit

maintenance of the buying power of the currency

• will last a long time

•  can be carried easily

•  can break it into smaller unit

maintenance of the buying power of the currency

• will last a long time

•  can be carried easily

•  can break it into smaller unit

maintenance of the buying power of the currency

• will last a long time

•  can be carried easily

•  can break it into smaller unit

maintenance of the buying power of the currency

• will last a long time

when the Fed attempts to increase the money supply to speed up the economy (Expansionary)

 when the Fed attempts to reduce the money supply to slow down the economy (Contractionary)

• when the Fed attempts to reduce the money supply to slow down the economy (Contractionary)

 when the Fed attempts to increase the money supply to speed up the economy (Expansionary)

True

False

regressive

progressive

progressive

regressive

added to the price of the product. Collected by merchants and paid to the government

this occurs when the Federal Government spends more than it brings in, in tax revenue, in a given year

•  money that is owed or due

• Those who receive government services should be the ones to pay for them and people should pay taxes in proportion to the amount of services they receive