NormativeEconomicsThe branch ofeconomics that appliesvalue judgements todata in order torecommend actions orpolicies. The goal is toadvise how thingsought to be done.CommandEconomyAn economic systemin which decisionsabout production andconsumption aremade by a powerfulruler or government.EconomyA system used tomanage limitedresources for theproduction,distribution, andconsumption ofgoods and services.EconomicInterdependenceThe characteristicof a society inwhich people relyon others for mostof the goods andservices theywant.GoodsPhysical articlesthat have beenproduced for saleor use. Threeexamples arefood, clothing, andcars.TradeoffThe exchangeof one benefitor advantagefor another thatis thought to bebetter.IncentiveAny factor thatencourages ormotivates aperson to dosomething.EntrepreneurshipThe willingnessand ability to takethe risk involvedin starting andmanaging abusiness.ServicesWork done bysomeone else forwhich a consumer,business, orgovernment is willingto pay. Three examplesare teaching,gardening, andchildcare.ProductivityA measure ofthe efficiencywith which goofand servicesare produced.OpportunityCostThe value of the nextbest alternative thatis given up whenmaking a choice.This is the measureof what you mustgive up when youmake a decision.MixedEconomyAn economic system inwhich both thegovernment andIndvidual's playimportant roles inproduction andconsumption. Mostmodern economies havethis economic system.FactorPaymentIncome earnedwhen anindividual sells orrents a factor ofproduction thathe or she owns.TraditionalEconomyAn economicsystem in whichdecisions aboutproduction andconsumption arebased on customand tradition.ComparativeAdvantageThe condition thatexists whensomeone canproduce a good orservice at a loweropportunity costthan someone else.MarketEconomyAn economicsystem in whicheconomicdecisions are leftup to individualproducers andconsumers.AbsoluteAdvantageThe condition thatexists whensomeone canproduce a good orservice using fewerresources thansomeone else.VoluntaryExchangeThe act of willinglytrading one item orservice for another.Both parties in avoluntary exchangeexpect to gain fromit.PositiveEconomicsThe branch ofeconomics that usesobjective analysis tofind out how theworld works. Thegoal is to describehow things are.Economicsthe study of howpeople choose touse their limitedresources tosatisfy theirunlimited wants.SpecializationThe development ofskills or knowledge inone aspect of a job orfield of interest.People whospecialize becomethe expert in aparticular activity.CapitalThe tools,machines, andbuildings toproduce goodsand services.Factors ofProductionThe resources usedto produce goodsand services.Economists definethese resources asland, labor, capital,andentrepreneurship.MoneyA generallyaccepted mediumof exchange thatcan be traded forgoods andservices or used topay debts.ScarcityThe conditionthat resultsbecause peoplehave limitedresources butunlimited wants.DivisionofLaborThe allocationof separatetasks todifferentpeople.Cost-BenefitAnalysisA way to compare thecosts of an actionwith the benefits ofthat action. If benefitsexceed cots, then theacton is worth taking.ProductionPossibilitiesFrontier(PPF)A simple model of aneconomy that showsall the combinationsof two goods that canbe produced with theresources andtechnology currentlyavailable.EconomicSystemA society's way ofcoordinating theproduction andconsumption ofgoods andservices.NormativeEconomicsThe branch ofeconomics that appliesvalue judgements todata in order torecommend actions orpolicies. The goal is toadvise how thingsought to be done.CommandEconomyAn economic systemin which decisionsabout production andconsumption aremade by a powerfulruler or government.EconomyA system used tomanage limitedresources for theproduction,distribution, andconsumption ofgoods and services.EconomicInterdependenceThe characteristicof a society inwhich people relyon others for mostof the goods andservices theywant.GoodsPhysical articlesthat have beenproduced for saleor use. Threeexamples arefood, clothing, andcars.TradeoffThe exchangeof one benefitor advantagefor another thatis thought to bebetter.IncentiveAny factor thatencourages ormotivates aperson to dosomething.EntrepreneurshipThe willingnessand ability to takethe risk involvedin starting andmanaging abusiness.ServicesWork done bysomeone else forwhich a consumer,business, orgovernment is willingto pay. Three examplesare teaching,gardening, andchildcare.ProductivityA measure ofthe efficiencywith which goofand servicesare produced.OpportunityCostThe value of the nextbest alternative thatis given up whenmaking a choice.This is the measureof what you mustgive up when youmake a decision.MixedEconomyAn economic system inwhich both thegovernment andIndvidual's playimportant roles inproduction andconsumption. Mostmodern economies havethis economic system.FactorPaymentIncome earnedwhen anindividual sells orrents a factor ofproduction thathe or she owns.TraditionalEconomyAn economicsystem in whichdecisions aboutproduction andconsumption arebased on customand tradition.ComparativeAdvantageThe condition thatexists whensomeone canproduce a good orservice at a loweropportunity costthan someone else.MarketEconomyAn economicsystem in whicheconomicdecisions are leftup to individualproducers andconsumers.AbsoluteAdvantageThe condition thatexists whensomeone canproduce a good orservice using fewerresources thansomeone else.VoluntaryExchangeThe act of willinglytrading one item orservice for another.Both parties in avoluntary exchangeexpect to gain fromit.PositiveEconomicsThe branch ofeconomics that usesobjective analysis tofind out how theworld works. Thegoal is to describehow things are.Economicsthe study of howpeople choose touse their limitedresources tosatisfy theirunlimited wants.SpecializationThe development ofskills or knowledge inone aspect of a job orfield of interest.People whospecialize becomethe expert in aparticular activity.CapitalThe tools,machines, andbuildings toproduce goodsand services.Factors ofProductionThe resources usedto produce goodsand services.Economists definethese resources asland, labor, capital,andentrepreneurship.MoneyA generallyaccepted mediumof exchange thatcan be traded forgoods andservices or used topay debts.ScarcityThe conditionthat resultsbecause peoplehave limitedresources butunlimited wants.DivisionofLaborThe allocationof separatetasks todifferentpeople.Cost-BenefitAnalysisA way to compare thecosts of an actionwith the benefits ofthat action. If benefitsexceed cots, then theacton is worth taking.ProductionPossibilitiesFrontier(PPF)A simple model of aneconomy that showsall the combinationsof two goods that canbe produced with theresources andtechnology currentlyavailable.EconomicSystemA society's way ofcoordinating theproduction andconsumption ofgoods andservices.

The Economic Fundamentals - Call List

(Print) Use this randomly generated list as your call list when playing the game. Place some kind of mark (like an X, a checkmark, a dot, tally mark, etc) on each cell as you announce it, to keep track. You can also cut out each item, place them in a bag and pull words from the bag.


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  1. B-The branch of economics that applies value judgements to data in order to recommend actions or policies. The goal is to advise how things ought to be done.
    B-Normative Economics
  2. N-An economic system in which decisions about production and consumption are made by a powerful ruler or government.
    N-Command Economy
  3. B-A system used to manage limited resources for the production, distribution, and consumption of goods and services.
    B-Economy
  4. G-The characteristic of a society in which people rely on others for most of the goods and services they want.
    G-Economic Interdependence
  5. O-Physical articles that have been produced for sale or use. Three examples are food, clothing, and cars.
    O-Goods
  6. B-The exchange of one benefit or advantage for another that is thought to be better.
    B-Tradeoff
  7. I-Any factor that encourages or motivates a person to do something.
    I-Incentive
  8. I-The willingness and ability to take the risk involved in starting and managing a business.
    I-Entrepreneurship
  9. O-Work done by someone else for which a consumer, business, or government is willing to pay. Three examples are teaching, gardening, and childcare.
    O-Services
  10. N-A measure of the efficiency with which goof and services are produced.
    N-Productivity
  11. I-The value of the next best alternative that is given up when making a choice. This is the measure of what you must give up when you make a decision.
    I-Opportunity Cost
  12. G-An economic system in which both the government and Indvidual's play important roles in production and consumption. Most modern economies have this economic system.
    G-Mixed Economy
  13. G-Income earned when an individual sells or rents a factor of production that he or she owns.
    G-Factor Payment
  14. N-An economic system in which decisions about production and consumption are based on custom and tradition.
    N-Traditional Economy
  15. O-The condition that exists when someone can produce a good or service at a lower opportunity cost than someone else.
    O-Comparative Advantage
  16. N-An economic system in which economic decisions are left up to individual producers and consumers.
    N-Market Economy
  17. O-The condition that exists when someone can produce a good or service using fewer resources than someone else.
    O-Absolute Advantage
  18. G-The act of willingly trading one item or service for another. Both parties in a voluntary exchange expect to gain from it.
    G-Voluntary Exchange
  19. B-The branch of economics that uses objective analysis to find out how the world works. The goal is to describe how things are.
    B-Positive Economics
  20. B-the study of how people choose to use their limited resources to satisfy their unlimited wants.
    B-Economics
  21. G-The development of skills or knowledge in one aspect of a job or field of interest. People who specialize become the expert in a particular activity.
    G-Specialization
  22. I-The tools, machines, and buildings to produce goods and services.
    I-Capital
  23. I-The resources used to produce goods and services. Economists define these resources as land, labor, capital, and entrepreneurship.
    I-Factors of Production
  24. G-A generally accepted medium of exchange that can be traded for goods and services or used to pay debts.
    G-Money
  25. B-The condition that results because people have limited resources but unlimited wants.
    B-Scarcity
  26. O-The allocation of separate tasks to different people.
    O-Division of Labor
  27. I-A way to compare the costs of an action with the benefits of that action. If benefits exceed cots, then the acton is worth taking.
    I-Cost-Benefit Analysis
  28. O-A simple model of an economy that shows all the combinations of two goods that can be produced with the resources and technology currently available.
    O-Production Possibilities Frontier (PPF)
  29. N-A society's way of coordinating the production and consumption of goods and services.
    N-Economic System