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