| A | B |
|---|
| economics is the scienceof | common sense |
| there is no free | lunch |
| the value of the next best opportunity | opportunity cost |
| the accounting cost plus the opportunity cost equal | economic cost |
| the actual dollar cost | accounting cost |
| ppf | production possibilities frontier |
| factor of production | land, labor, capital |
| know how | entrepeneurship |
| human capital | education |
| ceteris paribus | all things being equal |
| all decisions made by market | free enterprise |
| all decisions made by gov | command |
| all decisions based on what went before | traditional |
| democratically elected group makes all decsions | planned |
| hands off | laissez faire |
| economic decisions based with no gov interference | pure market |
| our type of economy | mixed |
| what incentive drives our economy | profit motive |
| the kyoto protocol tried to combat | global warming |
| epa | environmental protection agecy |
| adam smith | the invisible hand |
| influenced adam smith | david hume |
| wealth of nations | adam smith |
| classical economics was founded by adam smith he was from | scotland |
| price of a good increases, quantity demanded of that good | decreases |
| price of a good decreases, quantity demanded of that good | increases |
| the slope of a deman curve is | negative |
| if a person's income goes up and he buys more tomatoes, tomatoes are a | normal good |
| if you sell more peanut butter, and consumers buy more jelly, jelly is a | complementary good |
| if the price of bread goes up and people buy biscuits, biscuits are a | substitionary good |
