ECON CFA #1 (needs work)

Different groups learn to cooperate with each other

government must step in to control distribution

banks are created so that people can save money

people are forced to make choices

disposable income

medium of exchange

balance of payments

opportunity cost

opportunity cost

fixed cost

transaction costs

marginal costs

The inverse relationship of price and demand

how eficiently an economy allocates its resources

the equilibrium wage rate in the labor market

changes in the consumer price index from year to year

The difference between the cost to produce the CD's and the price you paid for them

$40

dinner and a movie with your friends this Saturday night

knowing you are the first of your frinds to have these CD's

a popular toy sold out during the busy holiday season

you have spent your last penny and payday is a week away

a person wants an endless supply of everything but cannot have it

Gasoline was rationed in America during World War 2

What are we producing?

How are we producing it?

why are we producing it?

for whom are we producing it?

production possabilities

factors of production

production trade-offs

firms/private companies

goods and services market

household or consumer

factors market/raw materials

firms/private companies

goods and services market

household or consumer

factors market/raw materials

firms/private companies

goods and services market

household or consumer

factors market/raw materials

firms/private companies

goods and services market

household or consumer

factors market/raw materials

firms/private companies