Economics Unit 1

Quantity of Goods and services produced from each hour of a worker's time.

Factors of Production

Relative value of one currency in comparison to another.

What is economics?

Which type of economy relies on doing things they way they have always been done?

Tax rates do not affect the economy

A market economy's descisions are made by the consumer

When one country can produce a good at a lower opportunity cost than another country

The equipment and structures used to produce goods and services

Described in the Wealth of Nations, you can always count on a rational action and decision making based on.....

The limited nature of society's resources

Private Property is a characteristic of a market encomony

Opportunity Cost is Opportunity lost

What are the three types of resources in the factors of production?

The accumulation of investments in people, such as education and on the job training

A graph showing limited resources and how many can be produced by using 100% efficiency

What are the 3 basic Economic Questions?

The Inputs into the productions of goods and services that are provided by nature

What is scarcity?

Causes of Trade

Highest ranking trade off is known as the opportunity cost

NAFTA is a trade policy

Characteristic of a Market economy dealing with regulation

What is inflation?

Movement towards expansion of economic and social ties between countries.

European Union is a Trade/Political Union