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Definitions for "Principles of Macroeconomics 3rd Canadian Edition"

Average Benefit total benefits of undertaking in units of an activity divided by n
Efficiency obtaining the max possible output from a given amount of inputs
Time Value of Money the fact that a given dollar amount today is equivalent to a larger dollar amount in the future
Marginal Cost the increase in the total cost that results from carrying out are additional unit of an activity
Post hoc Fallacy the argument that because event A precedes even B, event A causes event B
Sunk Cost a cost that is beyond recovery at the moment a decision is made
Fallacy of Composition the argument that because something is true for a part it is also true for the whole
Normative Economics economics statements that reflect subjective value judgements and that are based on ethical positions
Positive Economics cause and effect explanations that can be proven
Opportunity Cost the value of the next-best alternative that must be forgone in order to undertake the activity
Economic Surplus the benefit of taking any action minus its cost
Rational Person someone with well-defined goals who tries to fulfill those goals as best he or she can
Economics the study of how people make choices under conditions of scarcity and the result of those choices for society
Comparative Advantage one person a comperative advantage over another if his or her opportunity cost of performing a task is lower than the other persons OC
Absolute Advantage one person has an absolute advantage over another if he or she takes fewer hours to perform a task than the other person does
Production Possibilites Curve a graph that describes the max amount of one good that can be produced for every possible level of production of the other good
Productivity units of output per hour divided by units input per hour
Marginal Benefit the increase in total benefit that results from carrying out one more unit of an activity
Average Cost total cost of undertaking n units of an activity divided by n
Created by: aliciab



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