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Voluntary exchange
________- buyers and sellers freely and willingly taking part in transitions.
Specialization
________- Assignment of tasks to workers, factors, regions, or nations that can perform the most efficiently.
Movement
________- along the curve (A to B) moving resources from one area to another.
Tradeoff
________: all of the alternative things you could be doing.
Shift
________- outward or inward (entire curve forcing inward or outward or one end is moving out)
Opportunity cost
________: The most desired trade- off of a decision.
Entrepreneurship
________- serving and observing the farm RND (knowledge and hardship that went into the farm)
Capitalism
________ thrives on competition.
Consumers
________ compete to find the best product at the lowest price.
Producers
What are rewarded for profits,
Businesses
________ have the freedom to hire the best workers.
Free enterprise economy
________- privately owned businesses have the freedom to operate for a profit with limited government intervention (what, how, for whom)
Division of labor
________- Separate tasks to be performed by different workers.
Private property people
________ have the right to control possessions as they wish.
Human capital
________- the sum of peoples skills, health, and motivation.
Economic models
________- a simplified version of complex concepts or behaviors.
Uneven economics of growth
________: business cycle.
Economic Growth
________- Total output of goods and services increases over time.
Competition
________- ________ thrives on ________.
Opportunity cost
________: the most desired alternative.
Note
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