Go through the definitions on the study guide and use each one in agoodsentence. For example, not just "brownies are a dessert", but "when we make brownies for friends, everyone gets excited because chocolate is my favorite dessert, and they have chocolate chips in them", a sentence that shows you know what it means

Opportunity Cost	The loss of a potential gain. Like spending money on public transport instead of having to spend it on a car or gas.
Trade Offs	choosing one thing but needing to sacrifice the other for it
Scarcity	The demand for something is more than what is available
Thinking at the Margin	Example: pricing strategy of a clothing store
Command Economy	things are determined by the government
Mixed Economy	economic system that has both public and private businesses
Traditional Economy	loosely based term, traditional methods like hunting and gathering
Market Economy	Decisions guided by the price signals created by the forces of supply and demand.
Cost-Benefit Analysis	systematic approach to estimating the strengths and weaknesses of alternatives.

Incentive	benefits of an action that influence someone's thinking (legal bribery !)
Sunk Cost	A cost that cannot be recovered
Tragedy of the Commons	A problem where someone consumes a resource at the detriment of society
Factors of Production (land, labor, capital-physical and human, entrepreneur)	The resources needed to produce things
The Wealth of Nations	clickhereand read this. no need to answer the questions on it, but use it to guide you in this box "invisible hand"-- we should trust people to run the economy, it will guide itself free market economy is what he pushes for
Production Possibilities Frontier	Graph representation of the possible outcomes of something.