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Microeconomics Chp 1

QuestionAnswer
What does the Economic Perspective consider? Scarcity and choice Opportunity cost Purposeful behavior to increase utility Marginal analysis
Scarcity and Choice Resources are scarce Choices must be made Opportunity cost
Purposeful Behavior Rational self-interest Individuals and utility Firms and profit Desired outcome
Marginal Analysis The comparison of marginal benefits and marginal costs Marginal means “extra” or “additional"
The scientific method Observe Formulate a hypothesis Test the hypothesis Accept, reject, or modify the hypothesis Continue to test the hypothesis, if necessary
Other-things-equal assumption The assumption that factors other than those being considered did not change
Microeconomics The study of the individual consumer, firm, or market
Macroeconomics The study of the entire economy or a major aggregate of the economy
Positive economics Economic statements that are factual
Normative economics Economic statements that involve value judgments
The economizing problem Limited income and unlimited wants.
The budget line Attainable and unattainable combinations Trade-offs and opportunity costs Choice Income Changes
Economic Resource- Land Includes all natural resources used in the production process
Economic Resource- Labor Physical actions and mental activities that people contribute to production
Economic Resource- Capital (investment) All human-produced physical objects and intangible ideas used in production
Economic Resource- Entrepreneurial ability Special human resource distinct from labor.
Factors of Production Take initiative. Make strategic business decisions. Innovate. Take risks.
Law of increasing opportunity costs As more of a particular good is produced, its marginal opportunity costs increase as we use more resources for one thing, there are fewer resources available to us for other things
Production possibilities curve Shows the maximum combinations of goods a company can produce with its available resources Assumes technology is fixed Concave shape Economic rationale
Pitfalls to Sound Economic Reasoning Biases Loaded Terminology Fallacy of Composition Post Hoc Fallacy Correlation but Not Causation
Marginal opportunity cost The cost of what you give up when you choose one option over another
Created by: Phillies55
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