Key Concepts Unit 5195-247

Start of UNIT 5195. Scarcity196. Choice197. Cost and benefits

198. Opportunity cost199. Marginal (added) cost200. trade- offs

201. Natural resource202. Capital resource203. Human resource

204. Producers205. Consumers206. buyers

207. Sellers208. Production209. distribution

210. Consumption211. Channels of distribution212. marketing

213. Capitalism (free enterprise)214. Traditional economic system215. Command economic system

216. Mixed economic system217. Pure competition218. oligopoly

219. Monopolistic competition220. Monopoly221. Supply curve

222. Demand curve223. Equilibrium price224. Elastic supply/ demand

225. Inelastic supply/demand226. Substitutions227. compliments

228. Shortage229. Surplus230. Price of the product

231. Price of inputs232. Competition233. Price of related products

234. Technological change235. Consumer tastes/preferences236. Factors of production

237. Price238. Relative price239. Capital investment

240. Supply and demand241. Entrepreneurship242. Circular flow of goods

243. Inflation244. Deflation245. Business cycle

END OF UNIT 5246. Consumer price index247. Rate of inflation

Finish unit 5!