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30 Cards in this Set
- Front
- Back
- 3rd side (hint)
basic principles of economics
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principios básicos de la economía/las ciencias económicas
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A small set of methods and conclusions that appear repeatedly in analyzing economic problems. They form the foundation of economic theory.
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capital
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capital (patrimonio)
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Something produced that is long-lasting and used to produce other goods.
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capital stock
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capital escriturado
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The total amount of capital in a nation that is productively useful at a particular point in time.
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critical assumption
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suposición crítica
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Any assumption that affects the conclusions of a model in an important way.
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economics
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la economía/las ciencias económicas
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The study of choice under conditions of scarcity.
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entrepreneurship
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emprendimiento/espíritu empresarial
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The ability and willingness to combine the other resources--labor, capital, and natural resources--into a productive enterprise.
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human capital
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capital humano
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The skills and training of the labor force.
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input
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aportación/aporte
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Anything (including a resource) used to produce a good or service.
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labor
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mano de obra
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The time human beings spend producing goods and services.
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land
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tierra
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The physical space on which production takes place, as well as the naturally occurring materials that come with it.
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macroeconomics
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macroeconomía
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The study of the behavior of the overall economy.
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microeconomics
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microeconomía
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The study of the behavior of individual households, firms, and governments; the choices they make; and their interaction in specific markets.
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model
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modelo
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An abstract representation of reality.
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normative economics
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economía normativa
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The study of what should be; it is used to make value judgments, identify problems, and prescribe solutions.
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physical capital
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capital físico
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The part of the captial stock consisting of physical goods, such as machinery, equipment, and factories.
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positive economics
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economía positiva
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The study of how the economy works.
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resources
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recursos
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The labor, capital, land and natural resources, and entrepreneurship that are used to produce goods and services.
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scarcity
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escasez
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A situation in which the amount of something available is insufficient to satisfy the desire for it.
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simplifying assumption
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suposición simplificadora/de simplificación
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Any assumption that makes a model simpler without affecting any of its important conclusions.
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dependent variable
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variable dependiente
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A variable whose value depends on the value of some other variable.
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independent variable
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variable independiente
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A variable that causes changes in some other variable (the dependent variable).
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negative or inverse relationship
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relación negativa o inversa
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A relationship between two variables that move in opposite directions to each other (when one increases the other decreases).
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positive relationship
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relación positiva
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A relationship between two variables that move in the same direction (when one increases so does the other; when one decreases so does the other).
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slope
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pendiente
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The rate of change of one variable with respect to another variable. In a graph, the change in the vertical-axis variable divided by the change in the horizontal-axis variable.
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tangent line
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recta/línea tangential
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A straight line that touches a curve at just one point, and has the same slope as the curve at that point.
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opportunity cost
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costo de oportunidad
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What is given up when taking an action or making a choice.
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explicit cost
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costo explícito
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The dollars sacrificed--and actually paid out--for a choice.
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implicit cost
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costo implícito
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The value of something sacrificed when no direct payment is made.
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principle of maximization subject to constraints
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principio de maximización sujeto a restricciones
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The economic approach to understanding a problem is to identify the decision makers, and then determine what they are maximizing and the constraints that they face.
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principle of opportunity cost
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principio de costo de oportunidad
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All economic decisions made by individuals or society are costly. The correct way to measure the cost of a choice is its opportunity cost--that which is given up to make the choice.
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