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20 Cards in this Set
- Front
- Back
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The common-sense science of how and why people, businesses, and governments make the choices they do |
ECONOMICS
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The concept that everyone has unlimited wants and desires
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INSATIABILITY
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The concept that things have limited quantities
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SCARCITY
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The value people place on a good or service and is reflected in its price
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ECONOMIC COST
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Any tangible thing that has a measurable life span
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GOOD
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Intangible items
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SERVICES
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The goods and services that have a positive economic cost
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ECONOMIC GOODS & SERVICES
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Goods and services that you are paid to take
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NUISANCE GOODS & SERVICES
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Goods and services with a price tag of zero
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FREE GOODS AND SERVICES
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The economic riddle which has no absolutely wrong answer.
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DIAMOND-WATER PARADOX
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The principle that holds that a thing is valuable because of the nature of the product.
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INTRINSIC VALUE
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The principle that the worth of everything is determined by its usefulness to the buyer.
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SUBJECTIVE VALUE
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The economic word for usefulness
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UTILITY
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The satisfaction a person receives from a choice
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OPPORTUNITY BENEFIT
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The satisfaction one gives up by not choosing what was second best
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OPPORTUNITY COST
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The economic word to describe an imaginary unit of satisfaction
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UTIL
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The study of the economic choices made by individual units
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MICROECONOMICS
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The study of large scale economic choices and issues
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MACROECONOMICS
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The approach of observing economic choices and predicting economic events
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POSITIVE ECONOMICS
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The approach of observing economic choices and making value judgments about existing or proposed economic policies
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NORMATIVE ECONOMICS
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