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

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