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Economics Ch1

eco vocabulary

TermDefinition
Economics The study of how people, institutions, and society make economic choices under conditions of scarcity.
Opportunity Cost The value of the good, service, or time forgone to obtain something else.
Marginal Analysis The comparison of marginal (“extra” or “additional”) benefits and marginal costs, usually for decision making.
Utility The satisfaction obtained from consuming a good or service.
Scientific Method The systematic pursuit of knowledge by observing facts and formulating and testing hypotheses to obtain theories, principles, and laws.
Principles Statements about economic behavior that enable effects of certain actions.
Microeconomics The part of economics concerned with individual units such as a household, a firm, or an industry.
Other-Thing-Equal Assumptio The assumption that factors other than those being considered do not change.
Macroeconomics The part of economics concerned with the economy as a whole or major components of the economy.
Aggregate A collection of specific economic units treated as if they were one unit.
Economic Problem The need for individuals and society to make choices because wants exceed means.
Economic Perspective A viewpoint that envisions individuals and institutions making rational decisions by comparing the marginal costs of their actions.
Budget Line A line that shows various combinations of two products a consumer can purchase with a specific money income, given the product’s price.
Economic Resources The land, labor, capital, and entrepreneurial ability used in the production of goods and services.
Land Natural resources (“gifts of nature”) used to produce goods and services.
Labor The physical and mental talents and efforts of people used to produce goods and services.
Capital Human-made resources (buildings, machinery, and equipment) used to produce goods and services.
Investment The purchase of capital resources.
Entrepreneurial Ability The human talent that combines the other resources to produce a product, make strategic decisions, and bear risks.
Factors If Production Economic Resources: land, labor, capital, and entrepreneurial ability.
Consumer Goods Products and services that directly satisfy consumer wants.
Capital Good Items that are used to produce other goods and therefore do not directly satisfy consumer wants.
Production Possibilities Curve A curve showing the different combinations of goods and services that can be produced in a fully employed economy, assuming the available supplies of resources and technology are fixed.
Law Of Increasing Opportunity Costs The principle that as the production of good increases, the opportunity cost of producing an additional unit rises.
Economic Growth: An outward shift of the production possibilities curve that results from an increase in resource supplies or quality or an improvement in technology.
Created by: vjambriz
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