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;
21 Cards in this Set
- Front
- Back
|
Good
|
Anything from which individuals recieve utility or satisfaction
|
|
|
Utility
|
The satisfaction one recieves from a good
|
|
|
Bad
|
Anything from which individuals recieve disutiilty or dissatisfaction
|
|
|
Disutility
|
The dissatisfaction one recieves from a bad
|
|
|
Land
|
All natural resources, such as minerals, forests, water,and unimproved Land
|
|
|
Labor
|
The physical and mental talents people contribute to the production process
|
|
|
Capital
|
Produced goods that can be used as inputs for further production, such as factories, machinery, tools etc.
|
|
|
Entreperrnuership
|
The Particular talent that some people have for orginizing the resources of land, labor, and capital of goods.
|
|
|
Scarcity
|
The condition in which our wants are greater than the limited resources available to satisfy those wants
|
|
|
Economics
|
The science of scarcity, the science of how individuals and societys deal with the fact that thier wants are greater than the limited resources.
|
|
|
Rationing Device
|
A means for deciding who gets what of available resources and goods
|
|
|
Opportunity Cost
|
The most highly valued opportunity or alternative forfeited when a choice is made
|
|
|
Marginal Benefits
|
Aditional Bennefits The bennefits connected to consuming an additional unit of a good or undertaking one more unit of an activity
|
|
|
Marginal Costs
|
Additional costs. The costs connected to sonsuming an additional unit of a good or undertaking one more unit of an activity
|
|
|
Decisions at the Margin
|
Decision making characterized by weighing out the additional (marginal) benefits of a change against the additional cost of a change with respect to current conditions
|
|
|
Efficiency
|
Exists when marginal benefits equal marginal costs
|
|
|
Exchange
|
The process of giving one thing for something else
|
|
|
Posiive Economics
|
The study of what is in economic matters
|
|
|
Normative Economics
|
The study of what should be in economic matters
|
|
|
Microeconomics
|
The branch of economics that deals with human behavior and choices as they relate to relatively small units, an individual, a firm, a single market
|
|
|
Macroeconomics
|
The branch of economics that deals with human behavior and choices as they relate to highly aggregate markets or the entire economy
|
