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Chapter 1 Intro to Econ
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Why should we consider the marginal costs or benefits of our decisions?
helps explain consumers and producers decisions
The benefit or satisfaction from using one more unit of a good or service
Marginal benefit
The cost of using one more unit of a good or service
Marginal cost
The alternative that you give up when you make an economic choice
Opportunity cost
Which factor of production includes all the time effort and talent used to produce goods and services?
Labor
The study of economic behavior as a whole concerning large-scale economic activity
Macroeconomics
Why is economics considered a “dismal science"?
Because makes predictions about the future.
Why do economists interpret economic statistics & data to foresee the direction of economic growth?
to discover trends connections and relationships.
When you economize based on what you perceive as the best combination of cost an you are most influenced byd benefits
Incentives and utility
Production of goods and services require land capital labor and entrepreneurship, they are called
Factors of production
This statement that “Figures on unemployment show that it dropped slightly from 8.3% to 8.1%” is a
Positive economics statement
This statement "Everyone should earn a fair wage so that income can be more equitable” is a
Normative economics statement
A way of describing and explaining what economic behavior ought to be (value judgement)
Normative economics
A way of describing and explaining the economic world as it exists in the real world
Positive economics
Economists create these statistical based simplified representations of complex economic interactions
Economic models
Economic term that describe risk takers that start or invest in business ideas that aim to create products services or innovations to gain a profit
Entrepreneurs
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
A situation that exists when there are not enough resources to meet human wants or needs
Scarcity
This is the study of how individuals and societies satisfy unlimited wants with limited resources that nature and previous generations created
Economics
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