1. scarcity
    there is no free lunch
  2. economics
    one who manages households (G), determine efficiency of resources
  3. opportunity costs
    what you give up to get something
  4. marginal change
    decisions are made at the margin
  5. externality
  6. market power
    able to control market
  7. productivity
    fastest way to do something
  8. absolute advantage
    based on efficiency
  9. comparative advantage
    based on opportunity costs
  10. manorialism
    king/queens own all land
  11. mercantilism
    private property
  12. Lausez Faire
    government shouldn't touch economy
  13. invisible hand
    self interest improves society
  14. division of labor
    specific jobs
  15. 1776
    Adam Smith the wealth of nations
  16. Sam Peltzman
    1970 why seat belts kill University of Chicago
  17. Family Size
    time to have child
  18. business vs vacationer
    business has to be there, vacationer do whatever they want
  19. outsourcing in Vietnam (Nikey)
    They pay 600 a year which is >average GDP/ their best option, they want to do it
  20. PPF
    Opportunity cost change overtime, resources are not equally utilized in both production processes
Card Set
Test 1