Chapters 1-4
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| When the federal government crafts environmental policies that make it less expensive for firms to follow green initiatives, | the policies are consistent with economic incentives.
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| Economics | the study of the choices people make to attain their goals, given their scarce resources.
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| Marginal | an extra or additional benefit or cost of a decision.
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| Market | a group of buyers and sellers of a good or service and the institution or arrangement by which they come together to trade.
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| Scarcity | One of the basic facts of life is that people must make choices as they try to attain their goals.
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| Centrally planned economy | government decides how economic resources will be allocated.
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| Market economy | decisions of households and firms interacting in markets allocate economic resources.
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| Equity | the fair distribution of economic benefits
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| Mixed economy | an economy in which most economic decisions result from the interaction of buyers and sellers in markets but in which the government plays a significant role in the allocation of resources.
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| Opportunity cost | the highest valued alternative that must be given up to engage in an activity.
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| Consumers, firms, and government | Who decides what goods and services will be produced.
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| Positive analysis | concerned with what is
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| Normative analysis | concerned with what out to be
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| Macroeconomics | The study of the economy as a whole, including topics such as inflation, unemployment, and economic growth.
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| Microeconomics | The study of how households and firms make choices, how they interact in markets, and how the government attempts to influence their choices.
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| Production Possibilities Frontier (PPF) | a curve showing the maximum attainable combinations of two products that may be produced with available resources and current technology.
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| Comparative advantage | basis for trade
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| Household | consists of all the individuals in a home
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| Firms | suppliers of goods and services
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| Entrepreneur | someone who operates a business, bringing together the factors of production--labor, capital, and natural resources--to produce goods and services.
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| Free market exists | when the government places few restrictions on how a good or a service can be produced or sold or on how a factor of production can by employed.
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| Property rights | rights individuals or firms have to the exclusive use of their property, including the right to buy or sell it.
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| Ceteris paribus | all else equal
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Or sort by any of the columns using the down arrow next to any column heading.
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