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PCS Economics

Economics Vocabulary Chapter 1

TermDefinition
economics the study of how people choose to use their limited resources to satisfy their unlimited wants
economy a system used to manage limited resources for the production, distribution, and consumption of goods and services
economic enigma puzzles or riddles that might be explained through an economic analysis (ex: Why do you have to wear a seat belt in a car but not a bus? or Why is their braille on an ATM machine?)
resource anything used to produce an economic good or a service
microeconomics looks at economic decision making by individuals, households, and businesses
macroeconomics focuses on the workings of an economy as a whole
positive economics type of analysis which descries how things are
normative economics type of analysis which focuses on how things ought to be done
scarcity resources used to fulfill our desires are scarce (not enough resources)
no-free-lunch principle another name for scarcity-forces-trade offs principle
cost what you spend in money, time, effort, or other sacrifices to get something
benefit what you gain from something in terms of money, time, experience, or other improements
cost-benefit analysis tool used to calculate costs and benefits
margin a little more of this or a little less of this
marginal cost what you gain by adding one more unit
marginal benefit what you gain by adding one more unit
incentive something that motivates a person to take a particular course of action
market an arrangement that brings buyers and sellers together to do business with each other
invisible hand used to explain how markets do all the coordination
law of unintended consequences law says actions of people and governments always have effects that are not expected
data factual information
variable quantity that can vary or change
axis two perpendicular lines (horizontal line is the x-axis and vertical line is the y-axis)
curve any line representing data points plotted on a graph
graph a visual representation of the relationship between two sets of data
economic model a simplified representation of reality that allows economists to focus on the effects of one change at a time
rational behavior model the idea that people behave in ways that are based on reason and self-interest
ceteris paribus the assumption, used in economic models, that all factors other than those being considered remain the same; from the Latin expression meaning "other things being equal"
Created by: Ms.Sala