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Related Flashcards
Related Topics
Cards In This Set
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Marginal analysis
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The comparison of marginal (extra or additional) benefits and marginal costs, usually for decision making.
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Scientific method
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The procedure for the systematic pursuit of knowledge involving the observation of facts and the formulation and testing of hypothesis to obtain theories, principles, and laws.
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Consumer goods
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Products and services that satisfy human wants directly.
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Economic perspective
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A viewpoint that envisions individuals making rational decisions by comparing the marginal benefits and marginal costs associated with their actions
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Other-things-equal assumption
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The assumption that factors other then those being considered are held constant
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Production possibilities curve
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A curve showing the different combinations of two goods or services that can be produced in a full-employment, full-production economy where the available suppliers of resources and technology are fixed.
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Economic principle
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A widely accepted generalization about the economic behavior of individuals or institutions.
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Oppertunity cost
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The amount of other products that must be forgone or sacrificed to produce a unit of product.
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Economic growth
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1. An outward shift in the production possibilities curve that results from an increase in recourse supplies or quality or an improvement in technology. 2. An increase of real output or real output per capita.
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Labor
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People's physical and mental talents and efforts that are used to help produce goods and services.
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Factors of production
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Economic resources; land, capital, labor, and entrepreneurial ability.
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Positive economics
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The analysis of facts or data to establish scientific generalizations about economic behavior.
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Utility
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The want-satisfying power of a good of service; the satisfaction or pleasure a customer obtains from the consumption of a good or service.
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Microeconomics
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The part of economics concerned with decision making by the individual units with individual markets, specific goods, and services, and product and recourse prices.
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Capital
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Human-made resources (buildings, machinery, and equipment) used to produce goods and services; goods that do not directly satisfy human wants; also called capital goods.
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