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Macro Ch. 1
| Question | Answer |
|---|---|
| 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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