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23 Cards in this Set
- Front
- Back
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Good |
Anything from which individuals recieve utility or satisfaction. |
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Utility |
The satisfaction one receives from a good |
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Bad |
Anything from which individuals receive dis-utility or dissatisfaction |
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Disutility |
the dissatisfaction one receives from a good |
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Land |
All natural resources such as minerals, forests, water and unimproved land |
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Capital |
produced goods that can be used as inputs for futher production such as factories, machinery, tools, computers, and buildings |
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Entreprenuership |
The talent that some people have for organizing the resources of land, labor, and capital to produce goods seek new business opportunity and develop new ways of doing things. |
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Scarcity |
the condition in which our wants are greater than the limited resources available to satisfy those wants |
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Economics |
the science of scaricity; the science of how individulas and societies deal with the fact that wants are greater than the limited resources available to satisy those wants |
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rationing device |
A means for deciding who gets what of available resources and goods. |
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opportunity Cost |
The most highly valued opportunity or alternatie fortified when a choice is made. |
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Marginal Benefits |
Additional benefits: the benefits connected with consuming and additional unit of a good or undertaking one more unit of activity |
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Marginal Cost |
Additional Cost:the cost connected with consuming an additional unit of a good or undertaking one more unit of an activity |
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Efficiency |
exist when marginal benefits equal marginal cost |
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Incentive |
something that encourages or motivates a person to undertake an action |
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Exchange |
the giving up of one thing for something else |
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Ceteris Paribus |
a latin term meaning "all other things constant" or "nothing else changes" |
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Theory |
an abstract representation of the real world designed with the intent to better understand it |
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Abstract |
the process of focusing on a limited number of variables to explain or predict an event |
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Positive Economics |
the study of what is economics |
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Normative Economics |
the study of what should be in economics |
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Microeconomics |
the branch of economics that deals with human behavior and choices as they relate to relativetity small units; an individual, a firm, an industry, a single market |
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Macroeconomics |
the branch of economics that deals with human behavior and choices as they relate to hight aggregate markets or the entire ecomomy |
