INTRODUCTION TO ECONOMICS
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| macroeconomics | the study of the economy as a whole
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| microeconomics | the study of economics at the level of the individual
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| association as causation | the mistaken assumption that because two events seem to occur together, one causes the other
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| capital | products such as machinery and equipment that are used in production
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| dependent variable | a variable whose value depends on the value of the independent variable
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| direct, or positive, relationship | the relationship that exists when the values of related variables move in the same direction
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| economic bad | any item for which we would pay to have less
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| economic good | any item that is scarce
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| fallacy of composition | the mistaken assumption that what applies in the case of one applies to the case of many
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| free good | a good for which there is no scarcity
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| independent variable | a variable whose value does not depend on the values of other variables
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| inverse, or negative, relationship | the relationship that exists when the values of related variables move in opposite directions
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| labor | the physical and intellectual services of people, including the training, education, and abilities of the individuals in a society
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| land | all natural resources, such as minerals, timber, and water, as well as the land itself
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| normative analysis | analysis of what ought to be
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| positive analysis | analysis of what is
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| resources, factors of production, or inputs | goods used to produce other goods, i.e., land, labor, and capital
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| scarcity | the shortage that exists when less of something is available than is wanted at a zero price
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| slope | the steepness of a curve, measured as the ratio of the rise to the run
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