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Macro Ch 1

Economics

QuestionAnswer
Goods Anything from which individuals receive utility or satisfaction
Utility The satisfaction one receives from a good
Bad Anything from which individuals receive disutility or dissatisfaction
Disutility The dissatisfaction one receives from a bad
Land All natural resources, such as minerals, forests, water, and unimproved
Capital Produced goods that can be used as inputs for further production, such as factories, machinery, tools, computers, & buildings
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.
Scarcity The condition in which or wants are greater than the limited resources available to satisfy those wants
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
Rationing Device A means for deciding who gets what of available resources and goods
Competition exists because of _________ scarcity
Whatever the rationing device is... people will compete for it
Opportunity Cost The most highly valued opportunity or alternative forfeited when a choice is made
There is no such thing as free lunch Opportunity costs are incurred whenever choices are made.
The higher the opportunity cost of doing something is... The less likely it will be done
Benefits rarely come w/o Costs
Marginal Benefits Additional benefits: the benefits connected w consuming an additional unit if a good or undertaking one more unit of an activity
Marginal Costs Additional costs; the costs connected with consuming an additional unit of a good or undertaking one more unit of an activity
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
Efficiency Exists when marginal benefits equal marginal cots
Incentive Something that encourages or motivates a person to undertake an action
Exchange (trade) The giving up of one thing for something else
Ceteris Paribus A Latin term meaning "all other things constant" or "nothing else changes"
Theory An abstract representation of the real world designed with the intent to better understand it.
Abstract The process (used in building a theory) of focusing on a limited number of variables to explain or predict an event
Positive Economics The study of "what is" in economics
Normative Economics The study of "what should be" in economics
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
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
Created by: 551231446
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