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Unit 1 review. 1.Economics 2.Scarcity 3.Trade-off 4.Opportunity cost 5.Marginal cost 6.Factors of production 7.Gross Domestic Product (GDP) 8.Productivity.

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Presentation on theme: "Unit 1 review. 1.Economics 2.Scarcity 3.Trade-off 4.Opportunity cost 5.Marginal cost 6.Factors of production 7.Gross Domestic Product (GDP) 8.Productivity."— Presentation transcript:

1 Unit 1 review

2 1.Economics 2.Scarcity 3.Trade-off 4.Opportunity cost 5.Marginal cost 6.Factors of production 7.Gross Domestic Product (GDP) 8.Productivity 9.Specialization 10.Division of Labor 11.Capitalism 12.Consumer Sovereignty 13.Competition 14. Voluntary exchange 15. Laissez-faire Economics 16. Socialism 17. Communism 18. Traditional economy 19. Command Economy 20. Market Economy 21. Mixed Economy 22. What, How, and Whom 23. Service 24. Want 25. Capital Goods 26. Entrepreneurship

3 1. Variable Costs 2. Fixed costs 3. Human Capital 4. Profit Motive 5. Free Enterprise 6.Adam Smith 7.Karl Marx 8.NAFTA 9.Law of Demand 10.Law of Supply 11. Substitute 12.Compliment 13.Downward sloping 14. Shortage 15. Surplus 16. Price floor 17. Elastic 18. Inelastic 19. Market Price 20. Monopoly 21. Oligopoly 22. Monopolistic 23. Horizontal Merger 24. Vertical Merger 25. Conglomerate Merger 26. Anti trust laws

4 1.Opportunity cost 2.Trade-off 3.Marginal cost 4.Productivity 5.Capitalism 6.Consumer sovereignty 7.Socialism 8.Entrepreneurship 9.Communism 10.Market economy 11.Command economy 12.Competition 13.Profit motive 14. Adam Smith 15. Karl Marx 16. NAFTA 17. Free Enterprise 18. Law of Demand 19. Law of Supply 20. Monopoly 21. Oligopoly 22. Monopolistic 23. Horizontal 24. Vertical 25. Conglomerate 26. Anti trust laws

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