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Chapters 1&2

Macro Midterm #1

TermDefinition
What are the Three Principles of Economics? 1. People are rational. 2. People respond to incentives. 3. Optimal decisions are made at the margin.
What does it mean that optimal decisions are made at the margin? Any action is continued up to the point where MB=MC.
Non-satiation Principle More is always preferred to less.
3 Questions of Economics 1. What will be produced? 2. How will it be produced? 3. Who will receive the Goods and Services
Positive Analysis concerned with what is
Normative Analysis Concerned with what ought to be
Five Factors of Production 1. Natural Resources 2. Labor (# of workers) 3. Physical Capital (tools & machines) 4. Human Capital (skills) 5. Entrepreneurship (someone who is willing to work for the risk)
Created by: cindysmile79
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