Chapter 1 Intro to Econ | Baamboozle - Baamboozle

A situation that exists when there are not enough resources to meet human wants or needs

Scarcity

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Which factor of production includes all the time effort and talent used to produce goods and services?

Labor

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The study of economic behavior as a whole concerning large-scale economic activity

Macroeconomics

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A way of describing and explaining what economic behavior ought to be (value judgement)

Normative economics

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When you economize based on what you perceive as the best combination of cost an you are most influenced byd benefits

Incentives and utility

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Economists create these statistical based simplified representations of complex economic interactions

Economic models

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Why is economics considered a “dismal science"?

Because makes predictions about the future.

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A way of describing and explaining the economic world as it exists in the real world

Positive economics

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This statement that “Figures on unemployment show that it dropped slightly from 8.3% to 8.1%” is a

Positive economics statement

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Production of goods and services require land capital labor and entrepreneurship, they are called

Factors of production

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Why should we consider the marginal costs or benefits of our decisions?

helps explain consumers and producers decisions

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The value of something that is given up by choosing one alternative over another. This is the term for the next best alternative use of your time or money

Opportunity cost

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