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14 Cards in this Set
- Front
- Back
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individual choice
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decisions made by individuals acting separately
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economic questions
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decisions a society must make on what, how, and for whom to produce goods and services
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market economy
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an economy in which the economic questions are decided mostly by individuals in the marketplace
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economic incentive
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the increase in our personal satisfaction that may result from some economic activity
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psychic income
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the non monetary reward we get from taking some action
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economic profit
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the difference between the money you obtain from selling a produce and the cost of producing the product
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invisible hand
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the incentive that guides individuals to choose in the best interest of society by pursuing their own self-interest
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model
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simplified for of reality which shows the relationship between different factors
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objectivity
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ruling out aspects of a problem which seem important only because of strong emotions or feelings about them
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alternative
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a possible course of action
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criteria
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the characteristics of a group of alternatives that will be judged to make a choice
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decision matrix
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a table showing comparisons of alternative decision
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utility
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the satisfaction one receives from the consumption, use, or ownership of a good or service
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util
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unit of measurement for utility
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