EconomicSystemA society's way ofcoordinating theproduction andconsumption ofgoods andservices.TradeoffThe exchangeof one benefitor advantagefor another thatis thought to bebetter.ComparativeAdvantageThe condition thatexists whensomeone canproduce a good orservice at a loweropportunity costthan someone else.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.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.MarketEconomyAn economicsystem in whicheconomicdecisions are leftup to individualproducers andconsumers.DivisionofLaborThe allocationof separatetasks todifferentpeople.ProductionPossibilitiesFrontier(PPF)A simple model of aneconomy that showsall the combinationsof two goods that canbe produced with theresources andtechnology currentlyavailable.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.Factors ofProductionThe resources usedto produce goodsand services.Economists definethese resources asland, labor, capital,andentrepreneurship.Economicsthe study of howpeople choose touse their limitedresources tosatisfy theirunlimited wants.EntrepreneurshipThe willingnessand ability to takethe risk involvedin starting andmanaging abusiness.ScarcityThe conditionthat resultsbecause peoplehave limitedresources butunlimited wants.CapitalThe tools,machines, andbuildings toproduce goodsand services.ServicesWork done bysomeone else forwhich a consumer,business, orgovernment is willingto pay. Three examplesare teaching,gardening, andchildcare.Cost-BenefitAnalysisA way to compare thecosts of an actionwith the benefits ofthat action. If benefitsexceed cots, then theacton is worth taking.GoodsPhysical articlesthat have beenproduced for saleor use. Threeexamples arefood, clothing, andcars.MoneyA generallyaccepted mediumof exchange thatcan be traded forgoods andservices or used topay debts.AbsoluteAdvantageThe condition thatexists whensomeone canproduce a good orservice using fewerresources thansomeone else.EconomyA system used tomanage limitedresources for theproduction,distribution, andconsumption ofgoods and services.IncentiveAny factor thatencourages ormotivates aperson to dosomething.OpportunityCostThe value of the nextbest alternative thatis given up whenmaking a choice.This is the measureof what you mustgive up when youmake a decision.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.ProductivityA measure ofthe efficiencywith which goofand servicesare produced.TraditionalEconomyAn economicsystem in whichdecisions aboutproduction andconsumption arebased on customand tradition.EconomicSystemA society's way ofcoordinating theproduction andconsumption ofgoods andservices.TradeoffThe exchangeof one benefitor advantagefor another thatis thought to bebetter.ComparativeAdvantageThe condition thatexists whensomeone canproduce a good orservice at a loweropportunity costthan someone else.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.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.MarketEconomyAn economicsystem in whicheconomicdecisions are leftup to individualproducers andconsumers.DivisionofLaborThe allocationof separatetasks todifferentpeople.ProductionPossibilitiesFrontier(PPF)A simple model of aneconomy that showsall the combinationsof two goods that canbe produced with theresources andtechnology currentlyavailable.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.Factors ofProductionThe resources usedto produce goodsand services.Economists definethese resources asland, labor, capital,andentrepreneurship.Economicsthe study of howpeople choose touse their limitedresources tosatisfy theirunlimited wants.EntrepreneurshipThe willingnessand ability to takethe risk involvedin starting andmanaging abusiness.ScarcityThe conditionthat resultsbecause peoplehave limitedresources butunlimited wants.CapitalThe tools,machines, andbuildings toproduce goodsand services.ServicesWork done bysomeone else forwhich a consumer,business, orgovernment is willingto pay. Three examplesare teaching,gardening, andchildcare.Cost-BenefitAnalysisA way to compare thecosts of an actionwith the benefits ofthat action. If benefitsexceed cots, then theacton is worth taking.GoodsPhysical articlesthat have beenproduced for saleor use. Threeexamples arefood, clothing, andcars.MoneyA generallyaccepted mediumof exchange thatcan be traded forgoods andservices or used topay debts.AbsoluteAdvantageThe condition thatexists whensomeone canproduce a good orservice using fewerresources thansomeone else.EconomyA system used tomanage limitedresources for theproduction,distribution, andconsumption ofgoods and services.IncentiveAny factor thatencourages ormotivates aperson to dosomething.OpportunityCostThe value of the nextbest alternative thatis given up whenmaking a choice.This is the measureof what you mustgive up when youmake a decision.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.ProductivityA measure ofthe efficiencywith which goofand servicesare produced.TraditionalEconomyAn economicsystem in whichdecisions aboutproduction andconsumption arebased on customand tradition.

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