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

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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B B
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I I
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O O
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B B
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O O
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N N
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G G
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I I
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B B
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G G
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B B
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B B
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I I
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O O
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O O
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I I
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G G
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G G
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N N
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N N
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G G
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I I
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N N
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I I
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O O
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B B
  1. B-The exchange of one benefit or advantage for another that is thought to be better.
    B-Tradeoff
  2. I-Any factor that encourages or motivates a person to do something.
    I-Incentive
  3. O-The allocation of separate tasks to different people.
    O-Division of Labor
  4. 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
  5. 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
  6. N-An economic system in which decisions about production and consumption are based on custom and tradition.
    N-Traditional Economy
  7. 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
  8. I-The resources used to produce goods and services. Economists define these resources as land, labor, capital, and entrepreneurship.
    I-Factors of Production
  9. B-The condition that results because people have limited resources but unlimited wants.
    B-Scarcity
  10. G-Income earned when an individual sells or rents a factor of production that he or she owns.
    G-Factor Payment
  11. 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
  12. B-the study of how people choose to use their limited resources to satisfy their unlimited wants.
    B-Economics
  13. I-The willingness and ability to take the risk involved in starting and managing a business.
    I-Entrepreneurship
  14. O-Physical articles that have been produced for sale or use. Three examples are food, clothing, and cars.
    O-Goods
  15. O-The condition that exists when someone can produce a good or service using fewer resources than someone else.
    O-Absolute Advantage
  16. 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
  17. G-A generally accepted medium of exchange that can be traded for goods and services or used to pay debts.
    G-Money
  18. 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
  19. N-A measure of the efficiency with which goof and services are produced.
    N-Productivity
  20. N-An economic system in which economic decisions are left up to individual producers and consumers.
    N-Market Economy
  21. G-The characteristic of a society in which people rely on others for most of the goods and services they want.
    G-Economic Interdependence
  22. 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
  23. N-A society's way of coordinating the production and consumption of goods and services.
    N-Economic System
  24. I-The tools, machines, and buildings to produce goods and services.
    I-Capital
  25. 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)
  26. N-An economic system in which decisions about production and consumption are made by a powerful ruler or government.
    N-Command Economy
  27. O-The condition that exists when someone can produce a good or service at a lower opportunity cost than someone else.
    O-Comparative Advantage
  28. 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
  29. B-A system used to manage limited resources for the production, distribution, and consumption of goods and services.
    B-Economy