Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
9 Cards in this Set
- Front
- Back
|
Economics
|
The social science concerned with how individuals, institutions, and society make best choices under conditions of scarcity
|
|
|
Economic Perspective
|
economic way of thinking
|
|
|
Opportunity Cost
|
the amount of other products that must be sacrificed to produce a unit of a product
|
|
|
Marginal Analysis
|
the comparison of marginal benefits and marginal costs, usually for decision making
|
|
|
scientific method
|
the observation of real world behavior and outcomes, formulates hypothesis about economy
|
|
|
economic principle
|
a statement about economic behavior that enables prediction of probable effects of certain actions
|
|
|
macroeconomics
|
examines the economy as a whole, or three large sectors household, business, gov't
|
|
|
aggregate
|
collection of specific economic units treated as if they were one unit
|
|
|
microeconomics
|
economics concerned with individual units such as a person, household, firm or an industry
|
