1. Fundamentals Review

2. Scarcity
Unlimited wants and needs exceed limited resources; permanent

3. Trade-Off
Choosing between options

4. Opportunity Cost
The second best alternative that you could have had but ended up giving up

5. Land Resource
Resources that come from the earth

6. Labor Resource
An actual person who does a job and their ability to do the job

7. Capital Resource/Good
Physical items that are made by people and are used to produce other goods and services

8. Entrepreneurship
The ability to create ideas and organize resources and tasks in order to produce a good or service

9. Production Possibilities Curve
The graph used to determine how much to produce of two goods (and how to use the resources)

10. Human Capital
The mental and physical skills used by an individual to do a job

11. Command System
Central or main government answers production questions and owns all key resources

12. Market System
Consumers and producers answer production questions through voluntary trade

13. Traditional System
Economic system where everything is done as it was in the past

14. Public Good
Item that is provided by the government for everyone regardless of their ability to pay for it

15. Economic Efficiency
Economy uses its limited resources to produce as much as possible and wastes nothing

16. Economic Freedom
Freedom to make own choices (where to live, work, purchase, sell etc.)

17. Economic Growth
Sustained increase in production of goods and services

18. Economic Stability
To minimize fluctuations in the overall economy

19. Economic Security
Desire to protect consumers and producers from risks that they can't control

20. Economic Equity
Fairness and belief that everyone should have access to certain goods/services