Terms & Concepts
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each of the black spaces below before clicking
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| show | Economics
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| show | Economic Perspectives
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| show | Opportunity Cost
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| show | Utility
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| show | Marginal Analysis
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| procedure for the systematic pursuit of knowledge involving the observation of facts & the formulation & testing of hypothesis to obtain theories, principles, & laws. | show 🗑
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| A widely accepted generalization about the economic behavior of individual or institutions. | show 🗑
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| show | Other-Things-Equal Assumption
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| The part of economics concerned with decision making by individual units such a household, or firm, or an industry, & with individual markets, specific goods & services & products & resource prices. | show 🗑
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| The part of economics concerned with the economy as a whole. | show 🗑
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| A collection of specific economic units treated as if they were one. For example, all prices of individual goods & services are combined into a price level or all units of output are aggregated into gross domestic product. | show 🗑
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| show | Positive Economics
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| The part of economics involving value judgments about what the economy should be like; focused on which economic goals & policies should be implemented; policy economics. | show 🗑
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| show | Economizing Problem
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| show | Budget Line
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| The land, labor, capital & entrepreneurial ability that are used in the production of goods & services; productive agents; factors or production. | show 🗑
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| show | Land
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| People’s physical and mental talents & efforts that are used to help produce goods & services. | show 🗑
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| show | Capital
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| Spending for the production & accumulation of capital & additions to inventories. | show 🗑
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| The human resource that combines the other resources to produce a product; makes non routine decisions, innovates & bears risks. | show 🗑
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| Economic resources: land, capital, labor & entrepreneurial ability. | show 🗑
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| Products & services that satisfy human wants directly. | show 🗑
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| A curve showing the different combinations of two goods or services that can be produced in a full employment, full production economy where the available supplies of resources & technology are fixed. | show 🗑
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| show | Law of Increasing Opportunity Costs
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| An outward shift in the production possibilities curve that results from an increase in resource supplies or quality or an improvement in technology; (2) an increase of real output (gross domestic product) or real output per capita. | show 🗑
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| What does optimal mean? | show 🗑
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Created by:
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