Definitions for "Principles of Macroeconomics 3rd Canadian Edition"
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| Average Benefit | total benefits of undertaking in units of an activity divided by n
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| Efficiency | obtaining the max possible output from a given amount of inputs
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| Time Value of Money | the fact that a given dollar amount today is equivalent to a larger dollar amount in the future
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| Marginal Cost | the increase in the total cost that results from carrying out are additional unit of an activity
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| Post hoc Fallacy | the argument that because event A precedes even B, event A causes event B
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| Sunk Cost | a cost that is beyond recovery at the moment a decision is made
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| Fallacy of Composition | the argument that because something is true for a part it is also true for the whole
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| Normative Economics | economics statements that reflect subjective value judgements and that are based on ethical positions
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| Positive Economics | cause and effect explanations that can be proven
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| Opportunity Cost | the value of the next-best alternative that must be forgone in order to undertake the activity
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| Economic Surplus | the benefit of taking any action minus its cost
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| Rational Person | someone with well-defined goals who tries to fulfill those goals as best he or she can
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| Economics | the study of how people make choices under conditions of scarcity and the result of those choices for society
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| Comparative Advantage | one person a comperative advantage over another if his or her opportunity cost of performing a task is lower than the other persons OC
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| Absolute Advantage | one person has an absolute advantage over another if he or she takes fewer hours to perform a task than the other person does
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| Production Possibilites Curve | a graph that describes the max amount of one good that can be produced for every possible level of production of the other good
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| Productivity | units of output per hour divided by units input per hour
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| Marginal Benefit | the increase in total benefit that results from carrying out one more unit of an activity
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| Average Cost | total cost of undertaking n units of an activity divided by n
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