1. Key Concepts Unit 5 195-247

2. Start of UNIT 5 195. Scarcity 196. Choice 197. Cost and benefits

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

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

5. 204. Producers 205. Consumers 206. buyers

6. 207. Sellers 208. Production 209. distribution

7. 210. Consumption 211. Channels of distribution 212. marketing

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

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

10. 219. Monopolistic competition 220. Monopoly 221. Supply curve

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

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

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

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

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

16. 237. Price 238. Relative price 239. Capital investment

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

18. 243. Inflation 244. Deflation 245. Business cycle

19. END OF UNIT 5 246. Consumer price index 247. Rate of inflation Finish unit 5!