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11 Cards in this Set
- Front
- Back
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A collection of specific economic units treated as if they were one
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Aggregate
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The social science concerned wi how individuals, institutions, and societies make optimal choices under conditions of scarcity
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Economics
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A view point that envisions individuals and institutions making rational decisions by comparing the marginal benifits and marginal costs assosiated with their actions
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Economic perspective
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The amount of other products that must be forgone or sacrificed to produce a unit of a product
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Oprotunity cost
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The want-satisfying power of a good or service
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Utility
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The comparison of marginal benifits and marginal costs, usually for decision making
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Marginal analysis
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The procedure for the systematic pursuit of knowledge involving the observation of facts and the formulation and testing of hypotheses to obtain theories
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Scientific method
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A widely accepted generalization of the economic behavior of individuals or institutions
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Econmic principle
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The assumption that factors other then those being considered are held constant
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Other things-equal assumption
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The part of economics concerned with decision making by individual units
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Microeconomics
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The part of economics concerned with the economy as a whole
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Macroeconomics
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