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MACROECONOMICS Z.P.

INTRODUCTION TO ECONOMICS

QuestionAnswer
macroeconomics the study of the economy as a whole
microeconomics the study of economics at the level of the individual
association as causation the mistaken assumption that because two events seem to occur together, one causes the other
capital products such as machinery and equipment that are used in production
dependent variable a variable whose value depends on the value of the independent variable
direct, or positive, relationship the relationship that exists when the values of related variables move in the same direction
economic bad any item for which we would pay to have less
economic good any item that is scarce
fallacy of composition the mistaken assumption that what applies in the case of one applies to the case of many
free good a good for which there is no scarcity
independent variable a variable whose value does not depend on the values of other variables
inverse, or negative, relationship the relationship that exists when the values of related variables move in opposite directions
labor the physical and intellectual services of people, including the training, education, and abilities of the individuals in a society
land all natural resources, such as minerals, timber, and water, as well as the land itself
normative analysis analysis of what ought to be
positive analysis analysis of what is
resources, factors of production, or inputs goods used to produce other goods, i.e., land, labor, and capital
scarcity the shortage that exists when less of something is available than is wanted at a zero price
slope the steepness of a curve, measured as the ratio of the rise to the run
Created by: t16bcry