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Fundamentals Review.

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Presentation on theme: "Fundamentals Review."— Presentation transcript:

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


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