Key Concepts Unit 5 195-247. Start of UNIT 5 195. Scarcity 196. Choice 197. Cost and benefits.

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Presentation transcript:

Key Concepts Unit

Start of UNIT Scarcity 196. Choice 197. Cost and benefits

198. Opportunity cost 199. Marginal (added) cost 200. trade- offs

201. Natural resource 202. Capital resource 203. Human resource

204. Producers 205. Consumers 206. buyers

207. Sellers 208. Production 209. distribution

210. Consumption 211. Channels of distribution 212. marketing

213. Capitalism (free enterprise) 214. Traditional economic system 215. Command economic system

216. Mixed economic system 217. Pure competition 218. oligopoly

219. Monopolistic competition 220. Monopoly 221. Supply curve

222. Demand curve 223. Equilibrium price 224. Elastic supply/ demand

225. Inelastic supply/demand 226. Substitutions 227. compliments

228. Shortage 229. Surplus 230. Price of the product

231. Price of inputs 232. Competition 233. Price of related products

234. Technological change 235. Consumer tastes/preferences 236. Factors of production

237. Price 238. Relative price 239. Capital investment

240. Supply and demand 241. Entrepreneurship 242. Circular flow of goods

243. Inflation 244. Deflation 245. Business cycle

END OF UNIT Consumer price index 247. Rate of inflation Finish unit 5!

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