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Economics

TermDefinition
Utility After eating a chocolate bar you're sweet tooth is satisfied, the utility after will be high. If you eat to much chocolate you will no longer be satisfied.
Opportunity Cost When you can't have two things at one time.
Unlimited wants, scarce resources, choices You want many things, but you don't have the resources for it. You have to make choices.
TANSTAAFL There ain't no such thing as a free lunch.
Purposeful Behavior Different choices equal different outcomes.
Scarcity Limited Resources
Simplifying Assumptions Make an analysis not effecting behavior.
Microeconomics Certain departments of economics.
Macroeconomics The overall system of economy.
Ceteris Pluribus Holding other things constant
Fundamental Economic Problem Limited resources + many wants = rarity
Budget Line Shows possible combinations of two goods, they are given prices and budgets.
Budget Constant When the consumer is limited in consumption patterns.
Four Factors of Production Land, Labors, Capital, Entrepreneurship
Command Economy Government owned, central plan, uses all resources.
Market Economy Private economy, Freedom, Self-interest, Limited government
5 Fundamental Questions How will good and services be produced How will the production make progress How will the production change Who will get the goods what goods and services will be produced
Property Rights Ownership of private property, see how it is used.
Adam Smith Philosopher of economics, wrote wealth of all nations
Invisible Hand Unintended social benefits and individual actions.
Popular Economics sets

 

 



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