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Economics

Ch 1 What is Economics?

TermDefinition
economics the science of how and why people, businesses, and governments make the choices that they do
scarcity the condition of a good or service being finite or limited in quality
economic cost the value people place on a good or service
good any tangible thing that has a measurable life span
service an intangible function produced by useful labor
economic goods items that bear a positive economic cost
economic services services that bear a positive economic cost
nuisance goods items that bear a negative economic cost
recycling turning nuisance goods into economic goods
free goods items provided freely by God in nature
free services services provided freely by God in nature
diamond-water paradox the riddle that asks which is more valuable, a handful of diamonds or a glass of water, solved by Carl Menger in 1871
intrinsic value value ascribed to a good or service because of its nature
utility usefulness
opportunity benefit the satisfaction a person receives from a choice
opportunity cost the satisfaction one gives up or the regret one experiences for not choosing a desirable alternative
util an imaginary unit of satisfaction
microeconomics the level of economic study that is concerned with choices made by individual units
positive economics the approach to economic study involving the observation of economic choices and the prediction of economic events
normative economics the approach to economic study involving value judgements about existing and proposed economic policies
macroeconomics the level of economic study that is concerned with large-scale economic choices and issues
subjective value the worth of a good or service as determined by its usefulness to the buyer
Created by: winninghamp
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