Chapter 1 Intro to Econ

The benefit or satisfaction from using one more unit of a good or service

The alternative that you give up when you make an economic choice

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

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

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

Why is economics considered a “dismal science"?

This statement "Everyone should earn a fair wage so that income can be more equitable” is a

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

Economists create these statistical based simplified representations of complex economic interactions

This is the study of how individuals and societies satisfy unlimited wants with limited resources that nature and previous generations created

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

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

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

The cost of using one more unit of a good or service

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

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

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

Why do economists interpret economic statistics & data to foresee the direction of economic growth?

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