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Chapter 1

What are valuable resources? - Labor - Land - Capital - Entrepreneurship ( What and how to produce goods and services)
Why do economist disagree? - Normative issues - Freedom vs. Fairness - The validity of their economic statement
What is the fallacy of composition? Summing up all parts ( aggregation), what is true for one individual is not true for all
What is correlation and causation? Two events usually occur together but they do not always cause eachother
What is the Ceteris Paribus Assumption? Let everything be equal to isolate the variable
What is economics? - Central ideas of economist theory - All resources are scare and take up opportunity cost
What is microeconomics? Making decisions for companies ( goods and services)
What is macroeconomics?
What is the rule of rational choice? Pursue an activity of greater marginal benefit than marginal cost
What is net benefit? The difference between marginal benefits and marginal costs.
What is a positive incentive? Encourages consumption and production and decreases cost of increase benefit
What is a negative incentive? Discourages consumption or production, increases cost or reduces benefits.
What is a market failure? - Fails to allocate resources efficiently - Shortage or surplus - Lack of competition ( Market power) - Government intervenes
Created by: Marlenathibeault
Popular Economics sets




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