Economics: Chapter 1 Module 1,2,3

If there is a decrease in production, the new production possibility curve will shift to the

When you give up one thing to get something else (this is the action of giving something up?

States that the opportunity cost of a good rises as more of the good is produced

If there is economic growth the Production possibility curve will shift to the

a collection of buyers and sellers wherever they may be

any long lasting good that is used to make other goods or services

Refers to the skills and knowledge of workers

If we desire more of something than we can have, it is

Graph that shows you what is efficient

The study of the economy as a whole

The time and effort people contribute to the production process

the study of the way things should be rather than the way they are

anything drawn from nature for the use in the production of goods and services

The value of the next best alternative given up when a choice is made is

Activities produced in an economy

The study of what the world is like and why it works the way it does, looks at the facts

Anything to the right of the production possibility curve is

The willingness of people to organize, operate, and assume the risks involved with business ventures

Things that are desired but not essential to life

Term used to describe the four types of resources used to make something else

The basic elements from which all goods and services are produced

A simplified representation of reality

If there is no opportunity to make someone better off without making anyone else worse off

Minimal requirements of things that are necessary for survival

Microeconomics looks at the decisions governments make.

Unemployment is a waste of a resource.

An increase in the ability to produce goods and services over time

The study of how people make decisions and how those decisions affect others in the economy

What is the study of choice under conditions of sarcity?

Considered to be the father of economics (capitalism)

Any physical item produced in an economy

Anything to the left of the production possibility curve is

A system for coordinating the production and distribution of goods and services