Samuel Vollmers

needs

want

goods

services

scarcity

trade-off

opportunity cost

4 factors of production

land

labor

physical capital

human capital

entrepreneurs

productivity

underutilization

law of diminishing return

incentive

fixed cost

variable cost

total costs

marginal cost

marginal revenue

cost-benefit analysis

specialization

division of labor

assembly line

technological advances

blue collar

white collar

wage

salary

traditional economy

command economy

market economy

mixed economy

natural resources

3 Basic Economic Questiosn

free enterprise

circular flow of economic activity

invisible hand

supply and demand

equilibrium price

shortage

surplus

price floor

price ceiling

competition

profit motive

productivity

monopoly

oligopoly

monopolistic competition

pure competition

subsidy

labor union

Strike

monetary policy

interest

bonds

dividends

horizontal merger

vertical merger

deflation

depression

recession

Anti-trust laws

International Monetary Fund

World Bank

business cycle

Peak

Expansion

Contraction

Trough

Gross domestic product (GDP)

Organization of Petroleum Exporting Countries (OPEC)

Consumer Product Safety Commission (CPSC)

Federal Trade Commission (FTC)

Equal Employment Opportunity Commission (EEOC)

Occupational Safety and Health Administration (OSHA)

United Nations (UN)

World Trade Organization (WTO)

World Health Organization (WHO)

Trade deficit

Economic interdependence

North Atlantic Free Trade Agreement (NAFTA)

Trade surplus

John Maynard Keynes

Adam Smith

Karl Marx

Fiscal policy

Corporation

Nonprofit organization

Limited Liability Corporation

Sole proprietorship

Substitute

Complimentary good

inflation

partnership

Federal Deposit Insurance Corporation (FDIC)

Limited liability