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16 Cards in this Set
- Front
- Back
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Applied Science |
Is a discipline that applies existing scientific knowledge to develop more practical applications, like technology or inventions |
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Pure Science |
Discipline that are basic science Develop information to predict and perhaps explain- thus somehow understand- phenomena in the natural woeld |
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Economics as an Applied Science |
Deals with the analysis on how members of society interacts wih each other on the creation and utilization of wealth. |
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Applied Economics |
The application if economic theory and econometrics in specific settings |
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Economic Analysis |
A systematic approach to determine the optimum use of scarce resources, involving comparison of two or more |
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Motivations |
In making decisions, economic and otherwise, an individual is influenced by a number of what? |
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Static Method Dynamic Method |
Two types of Economic Analysis |
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Payback method ROI method |
Types of Static Method |
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Net Present Value (NPV) Method Benefit-cost ratio Internal Rate of Return Method |
Types of Dynamic Method |
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Marginal Benefit |
Additional satisfaction o utility that a person receives from consuming an additional unit of good or service |
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Marginal Benefit |
The maximum amount he is willing to pay to consume that additional unit of good or service |
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Marginal Cost |
The increase or decrease in the total cost of a production run for making one additional unit of an item |
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Consumer |
Who wants to attain maximum satisfaction |
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Businessman |
Whose objective is to have maximum profit, will reduce his production level when his net marginal returns or profit is negative |
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Explicit Costs |
Are easily recognized since they are expressed in monetary trrms and may involve actual financial outlays |
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Implicit cost |
Is opportunity cost, which is a basic concept in economics |
