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10 Cards in this Set
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- Back
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Economics |
The social science that deals with the production,distribution, and consumption of goods and services and with the theory and management of economics or economic system |
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To obtain more of one thing, society forgoes the opportunity of getting the next best thing |
Opportunity Costs |
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Comparisons of marginal benefits and marginal costs, usually for decision making. Marginal means extra |
Marginal Analysis |
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Observing real-world behavior and outcomes Based on those observation, formulating a possible explanation of cause and effect |
Scientific Method
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Economic way if thinking has several critical and closely interrelated features. |
Economic Perspective |
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Part of economics concerned with decision making by individual customers, workers, households and business firms. |
Microeconomics |
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Examines either the economy as a whole or its basic subdivisions or aggregates such as govt, households and business sectors |
Macroeconomics |
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A curve showing combination of two goods or services that can be produced in a full-employment, full-production economy where the available supplies of resources and techonoloy are fixed |
Production Possibilities Curve |
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The principle that as the production of a good increases, the opportunity cost of producing an additional unit rises. |
Law of Increasing opportunity Costs |
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(1)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 captia |
Economic growth |
