Economics
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| Goods | Anything from which individuals receive utility or satisfaction
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| Utility | The satisfaction one receives from a good
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| Bad | Anything from which individuals receive disutility or dissatisfaction
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| Disutility | The dissatisfaction one receives from a bad
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| Land | All natural resources, such as minerals, forests, water, and unimproved
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| Capital | Produced goods that can be used as inputs for further production, such as factories, machinery, tools, computers, & buildings
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| Entrepreneurship | The talent that some people have for organizing the resources of land, labor, and capital to produce goods, seek new business opportunities, and develop new ways of doing things.
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| Scarcity | The condition in which or wants are greater than the limited resources available to satisfy those wants
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| Economics | The science of scarcity; the science of how individuals and societies deal with the fact that wants are greater than the limited resources available to satisfy those wants
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| Rationing Device | A means for deciding who gets what of available resources and goods
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| Competition exists because of _________ | scarcity
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| Whatever the rationing device is... | people will compete for it
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| Opportunity Cost | The most highly valued opportunity or alternative forfeited when a choice is made
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| There is no such thing as free lunch | Opportunity costs are incurred whenever choices are made.
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| The higher the opportunity cost of doing something is... | The less likely it will be done
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| Benefits rarely come w/o | Costs
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| Marginal Benefits | Additional benefits: the benefits connected w consuming an additional unit if a good or undertaking one more unit of an activity
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| Marginal Costs | Additional costs; the costs connected with consuming an additional unit of a good or undertaking one more unit of an activity
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| Decisions at the Margin | Decisions making characterized by weighing the additional (marginal) benefits of a change against the additional (marginal) costs of a change with respect to current conditions
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| Efficiency | Exists when marginal benefits equal marginal cots
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| Incentive | Something that encourages or motivates a person to undertake an action
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| Exchange (trade) | The giving up of one thing for something else
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| Ceteris Paribus | A Latin term meaning "all other things constant" or "nothing else changes"
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| Theory | An abstract representation of the real world designed with the intent to better understand it.
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| Abstract | The process (used in building a theory) of focusing on a limited number of variables to explain or predict an event
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| Positive Economics | The study of "what is" in economics
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| Normative Economics | The study of "what should be" in economics
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| Microeconomics | Branch of economics that deals with human behavior and choices as they relate to relatively small units: an individual. a firm an industry, a single market
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| Macroeconomics | Branch of economics that deals with human behavior choices as they relate to highly aggregate markets(e.g. the goods & services market) or the entire economy
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