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econ ch 1 to 3

QuestionAnswer
three economics principles Optimization, equilibrium, empiricism
Economics studies all human behavior as the outcome of choices people make studies how agents make choices among scxare resources and how those affect society
scarcity a situation of having unlimited wants in a world of limited resources
scarce resources resources are scarce when the quantity that people want exceeds the quantity that is available
Positive economics: describes what people actually do, or makes predictions about the world that can be verified with data (Fact)
normative economics recommends what an individual of society ought to do, base don subjective judgements. (Opinion)
microeconomics study of individuals, firms, government economics
macroeconomics study of the whole economy
optimization making the best choice possible with the given information
equilibrium when everyone is optimizing; no one would be better off with a different choice
empiricism using data to test the theories and determine what is causing things to happen in the world. (The scientific method)
Tradeoffs arise when some benefits must be given up in order to gain others
budget contraints what economists use to describe tradeoffs
opportunity cost the best alternative use of a resource
cost benefit analysis the calculation that considers the cost and benefits of a even activity using a common unit of measurement, like dollars
optimization in levels look at the net benefit= total benefit- total cost
optimization in differences look at the change in the net benefit of one option compared to another
marginal analysis difference between a feasible alternative and the next feasible alternative
marginal cost the change in the cost generated by moving from one feasible alternative to the next feasible alternative
model/theory a simplified description of the world
Created by: user-1742075
 

 



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