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Economics Exam 1

Define Economics A social science that deals with the choices of people faced with scarcity.
Three interrelated features of the economic perspective. Scarcity and Choice, Rational Behavior, and Marginal Benefit vs Marginal Cost
"There's No Such Thing As A Free Lunch means... To have a free lunch, you must first give up time that you could have spent being productive. i.e. opportunity cost.
Microeconomics vs Macroeconomics Micro= Small economics like Florida compared to the United States. Macro= Larger scale.
Positive vs Normative statements. Positive= Facts Normative= Opinions
Four Factors of Production Land(Lumber), Labor(Workers), Capital(Equipment, Specialists), and Entrepreneurial Ability (Inventors and Innovators).
Marx, Keyens, and Smith Marx= Developed the social theory of capitalism Keynes= C+I+G=Y -- Spend your money Smith= Father of economics. Lassaiz-faire theory
Ceteris peribus assumption means what? Used to simplify the formulation of economic outcomes.
Created by: ClaySims