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Chapters 1-4

When the federal government crafts environmental policies that make it less expensive for firms to follow green initiatives, the policies are consistent with economic incentives.
Economics the study of the choices people make to attain their goals, given their scarce resources.
Marginal an extra or additional benefit or cost of a decision.
Market a group of buyers and sellers of a good or service and the institution or arrangement by which they come together to trade.
Scarcity One of the basic facts of life is that people must make choices as they try to attain their goals.
Centrally planned economy government decides how economic resources will be allocated.
Market economy decisions of households and firms interacting in markets allocate economic resources.
Equity the fair distribution of economic benefits
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 the allocation of resources.
Opportunity cost the highest valued alternative that must be given up to engage in an activity.
Consumers, firms, and government Who decides what goods and services will be produced.
Positive analysis concerned with what is
Normative analysis concerned with what out to be
Macroeconomics The study of the economy as a whole, including topics such as inflation, unemployment, and economic growth.
Microeconomics The study of how households and firms make choices, how they interact in markets, and how the government attempts to influence their choices.
Production Possibilities Frontier (PPF) a curve showing the maximum attainable combinations of two products that may be produced with available resources and current technology.
Comparative advantage basis for trade
Household consists of all the individuals in a home
Firms suppliers of goods and services
Entrepreneur someone who operates a business, bringing together the factors of production--labor, capital, and natural resources--to produce goods and services.
Free market exists when the government places few restrictions on how a good or a service can be produced or sold or on how a factor of production can by employed.
Property rights rights individuals or firms have to the exclusive use of their property, including the right to buy or sell it.
Ceteris paribus all else equal
Created by: jae.moore124



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