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30 Cards in this Set

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