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21 Cards in this Set
- Front
- Back
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Good
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Anything that gives individuals utility or satisfaction.
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Utility
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Satisfaction you receive from a good.
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Bad
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Anything that gives disutility or dissatisfaction.
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Disutility
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Dissatisfaction you get from a bad.
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Land
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Natural resources (i.e. minerals, forests, water, unimproved land)
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Labor
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Physical & mental talents ppl contribute to production process.
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Capital
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Goods produced that can be used to produce even more (i.e. factories, machinery, tools, computers, buildings)
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Entrepreneurship
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Talent that some ppl have for organizing resources of land, labor, & capital to produce goods, seek new business opportunities, & develop new ways of doing things.
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Scarcity
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Condition where our wants > limited resources available to satisfy those wants.
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Economics
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The science of scarcity; of how individuals & societies deal w/ the fact that wants > limited resources available to satisy those wants.
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Rationing Device
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Means for deciding who gets what of available resources & goods.
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Opportunity Cost
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Most highly valued opportunity / alternative given up when a choice is made.
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Marginal Benefits
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Additional benefits. (as result of 1 more unit of a good or activity)
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Marginal Costs
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Additional costs. (as result of 1 more unit of a good or activity)
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Decisions at the Margin
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Decisions made by weighing additional (marginal) benefits of a change against additional (marginal) costs of a change w/ respect to current conditions.
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Efficiency
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Exists when marginal benefits = margianl costs.
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Exchange (Trade)
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Giving up 1 thing for another.
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Positive Economics
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Study of "What Is" in economic matters.
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Normative Economics
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Study of "What Should Be" in economic matters.
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Microeconomics
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Deals w/ human behavior / choices as related to small units (i.e. an individual, firm, industry, single market)
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Macroeconomics
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Deals w/ human behavior / choices as related to highly aggregate markets (i.e. goods & services market, or entire economy)
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