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27 Cards in this Set
- Front
- Back
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Economics
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Human Behavior in the face of scarcity
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Theory
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Set of related principles providing insight into the operations of some phenomenon
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Principles
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Statements of cause-and-effect relationships and/or theories that have been tested thoroughly many times and survived
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Microeconomics
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The study of individual human behavior in response to scarcity
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Normative Economics
Positive Economics |
Study that provides insights into what ought to be
Study that provides insight into what is |
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Firms
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Individuals or groups that use resources to supply goods and services usually but not always for profit
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Resources
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Means or ingredients available for the productions of goods and services
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Labor
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The capacity for human effort of both mind and muscle available for the production of goods and services
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Capital
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The non-human ingredients that contribute to the production of goods and services
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Budget Line or Income Constraint
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Lines of obtainable combinations; all combinations of goods and services available when all of the chooser's income (Y) is fully utilized, given his/her income and the prices of the goods and services
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Indifference Curve
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A schedule or locus of points showing the different consumptions or combinations of two items among which the consumer is indifferent
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Utility
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the satisfaction that a consumer obtains from the goods and services that he or she she consumes (feelings)
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Marginal Utility
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the change in total utility to a consumer that reults from a one-unit change in the consumption level of a given item.
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Demand
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The buyers of the good
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Supply
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Individuals and/or firms supplying the good
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Market
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Group of sellers and buyers that are in touch with each other in order to buy and sell
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Buyers
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Consumers in good markets or firms in resource market
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Sellers
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firms or individuals willing to sell the good in question
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Model
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A theory or mechanism that connects two or more events
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Households (Consumers)
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A group or individual who buys and uses goods and services to satisfy wants
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Governments
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Groups that set and enforce property rights to goods, services, and/or resources
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Goods
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A physical item that is valued by a consumer because it satisfies a want
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Services
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A set of behaviors by a firm or supplier that is valued by a consumer because it satisfies a want
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Labor
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The capacity for human effort of both mind and muscle available for the production of goods and services
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Technology
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The state of the arts available for combining and transforming resources into goods and services
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Property Rights
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Rules dictating the control by individuals over goods and resources as established by the government
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Util
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An artificial construct to measure utility
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