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9 Cards in this Set

  • Front
  • Back
scarcity
the perpetual state of insufficiency of resources to satisfy people's unlimited wants
economics
the study of how people work together to transform resources into goods and services to satisfy their most pressing wants and how they distribute these goods and services
consumer sovreignty
the ability of consumers to exercise complete control over what goods and services the economy produces (or doesn't) by choosing which goods and services to buy
ceteris paribus
"everything else equal" "holding constant" helps pin-point cause-and-effect relationships
microeconomics
a subarea of economics that analyzes individuals as consumers and producers and specific firms and industries. It focuses especially on the market behavior of firms and households
macroeconomics
a subarea of economics that analyzes the behavior of the economy as a whole
positive economics
a subset of economics that analyzes the way the economy actually operates
normative economics
a subset of economics founded on value judgments and leading to assertions of what ought to be
invisible hand
adam smith's concept of the market which as if it were a hand, guides firms that seek only to satisfy their own self-interest to produce precisely those goods and services that consumers want