{"id":692,"date":"2019-02-08T07:00:19","date_gmt":"2019-02-08T12:00:19","guid":{"rendered":"http:\/\/iblog.dearbornschools.org\/biggars\/?p=692"},"modified":"2019-02-21T12:34:07","modified_gmt":"2019-02-21T17:34:07","slug":"econ-vocab-the-last-of-chapter-1","status":"publish","type":"post","link":"https:\/\/iblog.dearbornschools.org\/biggars\/2019\/02\/08\/econ-vocab-the-last-of-chapter-1\/","title":{"rendered":"Econ Vocab–The last of Chapter 1"},"content":{"rendered":"

https:\/\/quizlet.com\/_5y6s0n<\/a><\/p>\n

    \n
  1. Economists: person that studies economic systems<\/li>\n
  2. choices: options, alternatives<\/li>\n
  3. trade-off: a different option for something<\/li>\n
  4. expertise: something you’re great at<\/li>\n
  5. opportunity cost: the cost of the 2nd best alternative use of money, time, or resources.<\/li>\n<\/ol>\n
      \n
    1. maximum: most<\/li>\n
    2. Production Possibilities Frontier (PPF): a graph that represents the maximum amount of goods and\/or services an economy can produce when using all its good resources.<\/li>\n<\/ol>\n
        \n
      1. output: products that are made<\/li>\n
      2. economic model: an easier way to read using graphs, charts, or drawings.<\/li>\n<\/ol>\n
          \n
        1. constant: always<\/li>\n
        2. solution: answer to a problem<\/li>\n
        3. free enterprise economy: economic system where private businesses have freedom to work for profit with limited government interference (like U.S.A.)<\/li>\n<\/ol>\n
            \n
          1. profit: the extra money that you make<\/li>\n
          2. standard of living: quality of life<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

            https:\/\/quizlet.com\/_5y6s0n Economists: person that studies economic systems choices: options, alternatives trade-off: a different option for something expertise: something you’re great at opportunity cost: the cost of the 2nd best alternative use of money, time, or resources. maximum: most Production Possibilities Frontier (PPF): a graph that represents the maximum amount of goods and\/or services an economy […]<\/p>\n","protected":false},"author":2107,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-692","post","type-post","status-publish","format-standard","hentry","category-econ"],"_links":{"self":[{"href":"https:\/\/iblog.dearbornschools.org\/biggars\/wp-json\/wp\/v2\/posts\/692","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/iblog.dearbornschools.org\/biggars\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/iblog.dearbornschools.org\/biggars\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/iblog.dearbornschools.org\/biggars\/wp-json\/wp\/v2\/users\/2107"}],"replies":[{"embeddable":true,"href":"https:\/\/iblog.dearbornschools.org\/biggars\/wp-json\/wp\/v2\/comments?post=692"}],"version-history":[{"count":2,"href":"https:\/\/iblog.dearbornschools.org\/biggars\/wp-json\/wp\/v2\/posts\/692\/revisions"}],"predecessor-version":[{"id":699,"href":"https:\/\/iblog.dearbornschools.org\/biggars\/wp-json\/wp\/v2\/posts\/692\/revisions\/699"}],"wp:attachment":[{"href":"https:\/\/iblog.dearbornschools.org\/biggars\/wp-json\/wp\/v2\/media?parent=692"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/iblog.dearbornschools.org\/biggars\/wp-json\/wp\/v2\/categories?post=692"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/iblog.dearbornschools.org\/biggars\/wp-json\/wp\/v2\/tags?post=692"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}