Terms : Hide Images
| 2817444501 | Economics | The social science concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity. | 0 | |
| 2817445033 | Economic Perspective | A viewpoint that envisions individuals and institutions making rational decisions by comparing the marginal benefits and marginal costs associated with their own. | 1 | |
| 2817446347 | Opportunity Cost | The amount of other products that must be forgone or sacrificed to produce a unit of a product. | 2 | |
| 2817447050 | Utility | The want satisfying power of a good or service. | 3 | |
| 2817447351 | Marginal Analysis | The comparison of marginal (extra or additional) benefits and marginal costs, usually for decision making. | 4 | |
| 2817448531 | Scientific Method | The procedure for the systematic pursuit of knowledge involving the observation of facts and the formulation and testing of hypotheses to obtain theories, principles, and laws. | 5 | |
| 2817449591 | Economic Principle | A widely accepted generalization about the economic behavior of individuals or institutions. | 6 | |
| 2817450373 | Other Things Equal Assumption | The assumption that factors other than those being considered are held content; ceteris paribus assumption. | 7 | |
| 2817469513 | Macroeconomics | The part of economics concerned with the economy as a whole; with such major aggregates as the household, business, and government sectors; and with measures of the total economy. | 8 | |
| 2817470954 | Aggregate | A collection of specific economic units treated as if they were one. Ex: GDP. | 9 | |
| 2817451610 | Microeconomics | The part of economics concerned with decision making by individual units such as a household, a firm, or an industry and with individual markets, specific goods and services, and product and resource prices. | 10 | |
| 2817473790 | Positive Economics | The analysis of facts or data to establish scientific generalizations about economic behavior. | 11 | |
| 2817474378 | Normative Economics | The part of economics involving value judgments about what the economy should be like; focused on which economic goals and policies should be implemented; policy economics. | 12 | |
| 2817476249 | Budget Line | A line that shows the different combinations of two products a consumer can purchase with a specific money income, given the products' prices. | 13 | |
| 2817439983 | Economic Resources | The land, labor, capital, and entrepreneurial ability that are used in the production of goods and services; productive agents; factors of production. | 14 | |
| 2817443758 | Factors of Production | Inputs that are used in the production of goods or services in the attempt to make an economic profit. The factors of production include land, labor, capital and entrepreneurship. | 15 | |
| 2817483961 | Land | Natural resources used to produce goods and services. | 16 | |
| 2817480035 | Labor | People's physical and mental talents and efforts that are used to help produce goods and services. | 17 | |
| 2817479725 | Capital | Goods which are produced by the economic system and are used as inputs in the production of further goods and services. | 18 | |
| 2817479021 | Investment | Money that is invested with an expectation of profit. | 19 | |
| 2817477761 | Entrepreneurial Ability | How well the entrepreneur combines resources, makes policy decisions, innovates and how well he/she takes risks. | 20 | |
| 2817442728 | Consumer Goods | Products that are purchased for consumption by the average consumer. | 21 | |
| 2817442516 | Capital Goods | Any tangible assets that an organization uses to produce goods or services such as office buildings, equipment and machinery. | 22 | |
| 2817442200 | Production Possibilities Curve | Graph that shows the various combinations of amounts of two commodities that could be produced using the same fixed total amount of each of the factors of production. | 23 | |
| 2817441032 | Law of Increasing Opportunity Cost | As production of a product increases, the cost to produce an additional unit of that product increases as well. | 24 | |
| 2817496106 | Economic Growth | (1) An increase in the capacity of an economy to produce goods and services, compared from one period of time to another. (2)An outward shift in the production possibilities curve that results from an increase in resource supplies or quality or an improvement in technology. | 25 | |
| 2817474834 | Economizing Problem | The choices necessitated because society's economic wants for goods and services are unlimited but the resources available to satisfy these wants are limited. | 26 |
