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Needs Wants Opportunity Cost Trade Off Supply Demand Money (characteristics and functions) 4 Factors of Production 3 Questions that must be answered before production Diminishing Marginal Utility Limited/unlimited resources Scarcity Division of labor Specialization Interdependence Productivity Services/goods Command Economy Market Economy Mixed Economy Traditional Economy Barter Economy Recall Definition of Economics Variable Cost Fixed Cost Total Cost Partnership Sole Proprietorship Franchise Corporation Transparency Stock/stockholders Dividend Substitute good Complimentary good Oligarchy Theocracy Democracy Totalitarianism Monarchy Dictatorship Anarchy
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