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9 Cards in this Set
- Front
- Back
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economics
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the study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided
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opportunity cost
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the best alternative that we forgo, or give up, when we make a choice or decision
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scarce
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limited
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marginalism
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the process of analyzing the additional or incremental costs or benefits arising from a choice or decision
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sunk costs
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costs that cannot be avoided because they have already been incurred
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efficient market
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a market in which profit opportunities are eliminated almost instantaneously
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Industrial Revolution
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period in England during the late eighteenth century and early nineteenth centuries in which new manufacturing technologies and improved transportation gave rise to the modern factory system and a massive movement of the population from the countryside to the cities
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microeconomics
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the branch of economics that examines the functioning of individual industries and the behavior of individual decision-making units - that is, firms and households
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macroconomics
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the branch of economics that examines the economic behavior of aggregates - income, employment, output, and so on - on a national scale
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