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| What is the equation for the slope? | rise/run | |
| What is a positive slope? | A situation where as the independent variable increases in value, the dependent variable will increase in value and vice versa. | |
| What is a negative slope? | A situation where as an independent variable increases in value, the dependent variable will decrease in value and vice versa. | |
| What is scarcity? | A condition that exists when there are insufficient resources to satisfy unlimited wants. | |
| What is an opportunity cost? | The best alternative that one gives up when making a choice | |
| What are the factors of production? | Land, labor and capital. | |
| What is land? | Naturally occurring resources. | |
| What is labor? | Human effort in the production process. | |
| What is capital? | Value of all assets; including money, equipment, buildings, tools, inventory. | |
| What is entrepreneurship? | Risk taking by business firms and individuals. | |
| What is the Production Possibilities Frontier/PPF? | A graph showing all combinations of output that an economy can produce in a given time period, given its scarce resources and fixed technology | |
| What is a trade-off? | The act of giving up one thing to have more of another thing. | |
| What is economic growth? | Changes in the total output of a nation over time as a result of increased production, income and wealth. | |
| What is inefficiency? | The waste that stems from the unproductive use of resources. | |
| What is a market economy? | An economy where most decisions on what to produce, how to produce and whom will get what is produced is decided by free individuals and business firms. | |
| What is a command economy? | An economy where government makes all of the decisions concerning what to produce, how much to produce and whom to produce the goods and services for. | |
| What is a traditional economy? | An economy based on hunting, gathering and collecting. | |
| What is a mixed economy? | An economy where private individuals, business firms and government actively determine what is produced, how it is produced for whom the goods and services will be produced. | |
| What is capitalism? | A free-market system built on private ownership. | |
| What is socialism? | An economic system that places severe limits on the pursuit of profit and private property rights and where government makes many of the decisions on what to produce, how to produce and for whom goods and services will be produced. | |
| What is equity? | Fairness in providing resources - usually an arbitrary decision. | |
| What is efficiency? | The production of the goods that society wants at the least possible cost | |
| What are direct costs? | Out of pocket, obvious costs. | |
| What are benefits? | The pleasure or satisfaction derived from some activity or decision. | |
| What is a marginal benefit? | The additional, or incremental benefits derived from any activity, or action. | |
| What is a marginal cost? | The additional, or incremental cost incurred from any activity, or action. | |
| What is an eminent domain? | The ability of government to take private property away from individuals. | |
| What is an absolute advantage? | When someone can produce a product or service with less effort or resources. | |
| What is a comparative advantage? | When someone can perform an activity at a lower opportunity cost than anyone else. | |
| What are gains from trade? | The benefits that occur when two parties buy and sell from one another. | |
| What is the the Unit Labor Requirement? | The amount of time itakes to perform each task. | |
| What are the economic systems? | Capitalism, Socialism, Command and Traditional economies. | |
| What is demand? | The quantity of a good or service that households are willing and able to purchase in a given period of time. | |
| What is supply? | The quantity of a good or service that firms are willing and able to sell in a given period of time. | |
| What is a price ceiling? | A government-imposed rule setting a maximum price that a firm may charge for a good or service | |
| What is a floor ceiling? | An artificial price set by government, above the market equilibrium price. |
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