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Macroeconomics

Chapter 1 The Economic Approach

TermDefinition
Scarcity Fundamental concept of economics that indicates that there is less of a good freely available from nature than people would like.
Objective A fact based on observable phenomena that is not influenced by differences in personal opinion.
Subjective An opinion based on personal preferences and value judgements.
Opportunity Cost The highest-valued alternative that must be given up to engage in an activity.
Centrally Planned Economy An economy in which the government decides how economic resources are allocated.
Market Economy An economy in which the decisions of households and firms interacting in markets allocate economic resources.
Mixed Economy An economy in which most economic decisions result from the interaction of buyers and sellers in markets but in which the government plays a significant role in allocation of resources.
Productive Efficiency A situation in which a good or service is produced at the lowest possible cost.
Voluntary Exchange A situation that occurs in markets when both the buyer and seller of a product are made better off by the transaction.
Equity The fair distribution of economic benefits.
Economic Variable Something measurable that can have different values. eg. Incomes of doctors
Positive Analysis Analysis concerned with what is.
Normative Analysis Analysis concerned with what ought to be.
Microeconomics The study of how household and firms make choices, how they interact in markets, and how the government attempts to influence their choices.
Macroeconomics The study of the economy as a whole, including topics such as inflation, unemployment, and economic growth.
Created by: KAzetapi
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