Econ Fundamentals Vocab - Searcy

Front

Nation's ability to produce more units of a good/service

Back

Absolute Advantage

Front

Distributing a scarce resource

Back

Allocation

Front

Methods for distributing scarce resources

Back

Allocation Strategies

Front

Goods that enhance productivity and drive long-term growth.

Back

Capital Goods

Front

Economic system where the 3 economic questions are answered by the government

Back

Command Economy

Front

Nation's ability to produce a good/service at lower opportunity cost

Back

Comparative Advantage

Front

Products bought for consumption by the average consumer.

Back

Consumer Goods

Front

Buyers dictate which goods are produced.

Back

Consumer Sovereignty

Front

Giving workers specific tasks to enhance productivity.

Back

Division of Labor

Front

Goal of a market: optimal resource use, minimizing production costs.

Back

Economic Efficiency