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Economics 101: Terms and Definitions, Quizzes of Introduction to Econometrics

Definitions for key terms and concepts in economics, including resources, labor, capital, natural resources, renewable and exhaustible resources, entrepreneurial ability, entrepreneur, wages, interest, rent, profit, goods, services, scarcity, market, product market, resource market, rational self-interest, marginal, microeconomics, macroeconomics, economic theory, variable, other-things-constant assumption, behavioral assumption, hypothesis, positive economic statement, normative economic statement, association-is-causation fallacy, fallacy of composition, and secondary effects.

Typology: Quizzes

2009/2010

Uploaded on 09/25/2010

joseph-eck
joseph-eck 🇺🇸

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TERM 1
Economics
DEFINITION 1
Economics is the social science that analyzes the production,
distribution, and consumption of goods and services.
Examines how people use their scarce resources to satisfy
there unlimited wants
TERM 2
Resources
DEFINITION 2
A resource is any physical or virtual entity of limited
availability that needs to be consumed to obtain a benefit
from it. The inputs or factors of production used to produce
the goods and services that people want.
TERM 3
Labor
DEFINITION 3
human effort, both physical and mental
TERM 4
Capital
DEFINITION 4
Includes all human creations used to produce goods and
services
TERM 5
Natural Resources
DEFINITION 5
All gifts of nature
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Economics

Economics is the social science that analyzes the production, distribution, and consumption of goods and services. Examines how people use their scarce resources to satisfy there unlimited wants TERM 2

Resources

DEFINITION 2 A resource is any physical or virtual entity of limited availability that needs to be consumed to obtain a benefit from it. The inputs or factors of production used to produce the goods and services that people want. TERM 3

Labor

DEFINITION 3 human effort, both physical and mental TERM 4

Capital

DEFINITION 4 Includes all human creations used to produce goods and services TERM 5

Natural Resources

DEFINITION 5 All gifts of nature

Renewable

Resource

Can be drawn on indefinitely if used conservatively TERM 7

Exhaustible

Resource

DEFINITION 7 does not renew itself and so is available in a limited amount TERM 8

Entrepreneurial Ability

DEFINITION 8 the talent required to dream up a new product or find a better way to produce an existing one TERM 9

Entrepreneur

DEFINITION 9 An entrepreneur is a person who has possession of a new enterprise, venture or idea and assumes significant accountability for the inherent risks and the outcome. TERM 10

Wages

DEFINITION 10 A wage is a compensation, usually financial, received by workers in exchange for their labor.

Scarcity

Scarcity is the fundamental economic problem of having seemingly unlimited human needs and wants, in a world of limited resources. TERM 17

Market

DEFINITION 17 A market is any one of a variety of different systems, institutions, procedures, social relations and infrastructures whereby persons trade, and goods and services are exchanged, forming part of the economy. TERM 18

Product Market

DEFINITION 18 a market where goods and services are bought and sold TERM 19

Resource Market

DEFINITION 19 a market in which a resource is bought and sold TERM 20

Rational Self Interest

DEFINITION 20 individuals try to maximize the expected benefit achieved with a given cost or to minimize the expected cost of achieving a given benefit

Marginal

incremental, additional. used to describe a change in an economic variable TERM 22

Microeconomics

DEFINITION 22 Microeconomics (from Greek prefix micro- meaning "small" + "economics") is a branch of economics that studies how the individual parts of the economy, the household and the firms, make decisions to allocate limited resources, typically in markets where goods or services are being bought and sold. TERM 23

Macroeconomics

DEFINITION 23 Macroeconomics (from Greek prefix "macr(o)-" meaning "large" + "economics") is a branch of economics that deals with the performance, structure, behavior and decision- making of the entire economy, be that a national, regional, or the global economy. TERM 24

Economic theory

DEFINITION 24 a simplification of reality used to make predictions about cause and effect in the real world TERM 25

Variable

DEFINITION 25 a measure that can take on different values at different times

Association-is-causation Fallacy

the incorrect idea that if two variables are associated in time, one must necessarily cause the other TERM 32

Fallacy of Composition

DEFINITION 32 the incorrect belief that what is true for the individual, or part, must necessarily be true for the group, or the whole TERM 33

Secondary Effects

DEFINITION 33 unintended consequences of economic actions that may develop slowly over time as people react to events