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Related Flashcards
Related Topics
Cards In This Set
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Selecting a product with the greatest value from other similar alternatives
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Rational choice
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System allowing businesses to operate with little government interference
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Free enterprise
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Economic climate in which most decisions are made by individuals looking out for themselves
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Market Economy
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Additional benefit associated with an action
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Marginal benefit
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Variable costs plus fixed costs
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Total costs
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Expenses unaffected by the number of units produced
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Fixed costs
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Exchanging one thing for the use of another
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Trade-off
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Theories economists use in heir work
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Economic models
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Items that make life more comfortable and enjoyable
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Wants
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Study of production,distribution, and the consumption of goods and services
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Economics
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Cases involving this is automatically heard in federal courts
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Maritime Laws
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A court order that requires a person to appear in court
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Subpoena
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Only federal courts can hear and decide federal courts
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Exclusive Jurisdiction
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Helped equalize the judical branch with executive and legislative branches
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*Marbury v. Madison
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Authority of a court to hear a case appealed from a lower court
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Appellate Jurisdiction
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