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Macro Ch. 1

Opportunity Cost The amount of other products that must be forgone or sacrificed to produce a unit of a product.
Utility The want satisfying power of a good or service, the satisfaction or pleasure a consumer obtains from the consumption of a good or service.
Economic Principle A statement about the economic behavior or the economy that enables prediction of the probable effects of certain actions.
Marginal Analysis Comparisons of marginal benefits and marginal costs usually for decision making.
Generalizations Economic principles are generalizations relating to economic behavior or to the economy itself.
Microeconomics The part of economics concerned with decision making by individual customers, workers, households, and business firms. Details under a figurative microscope.
Macroeconomics Examines either the economy as a whole or its basic subdivisions or aggregates, ex. Government, household, and business sectors.
Aggregate A collection of specific economic units treated as if they were one unit.
Positive Economics Economics that focuses on facts and cause-and-effect relationships. Ex. Description, theory development, and theory testing.
Normative Economics Economics which involves value judgments about what the economy should be like or what particular actions should be recommended to achieve a desirable goal.
Capital Includes all manufactured aids used in producing consumer goods and services.
Created by: matty789



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