scarcity - basic condition that exists when unlimited wants by society exceed limited productive resources, price allocation - distributes goods to those who are willing and able to pay, majority rule - when a group of people vote or seek consensus to decide how a good, service, or factor of production will be distributed, contest - allocation strategy that distributes the resource to the person who wins, force - allocates goods, services, and factors of production by autocratic decisions or coercion that are supported by intimidation or threat of physical harm, sharing - allocates resources jointly between people or organizations, lottery - allocates goods, services, and resources through random selection, authority - relies on the decisions of a powerful person or group of people who make the decisions about who gets to obtain a good, service, or factor of production, first come, first-served  - allows people to receive a good, service, or factor of production if they get to it first or are one of the people close enough to the front of the line, personal characteristics - distributes goods, services, and resources based on physical characteristics, need, or merit, factors of production - scarce items used in the production of goods and services in an economy, land resources - gifts of nature we use to produce goods and services, human (or labor) resources - the people involved in the production of goods and services, human capital - the abilities each person brings to the production process, physical capital - refers to tools, machines, equipment, and structures used repeatedly in the production of goods and services, entrepreneurship - brings the productive resources together in innovative ways to produce a product; usually involves taking risks, profit  - equal to a firm’s revenue minus its costs, opportunity cost - value of one’s next best alternative given up when a choice is made, rational decision - when marginal benefits are greater than or equal to the marginal costs, marginal benefit - change in total benefit received from one more unit, marginal cost - the change in total cost paid for one more unit, incentive - motivates individuals, businesses, and/or governments to undertake an action or avoid an action, command economy  - the three basic economic questions are answered by a central authority or government, market economy - the three basic economic questions are determined by the interactions of buyers and sellers, mixed economy - combination of command and markets, with some industries and markets controlled by government and other industries and producers that are subject to market forces, regulation - rules placed on the production of goods and services by government agencies, specialization - when an entity focuses on one production task or the production of one good in order to increase efficiency, voluntary exchange - occurs when two economic actors willingly trade one item for another because it is mutually beneficial, PPC - an economic model that illustrates possible production combinations, deregulation - when production rules are removed from an industry; lowers costs and increases the quantity produced,

Economics Unit 1- Fundamentals

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