



Study with the several resources on Docsity
Earn points by helping other students or get them with a premium plan
Prepare for your exams
Study with the several resources on Docsity
Earn points to download
Earn points by helping other students or get them with a premium plan
Community
Ask the community for help and clear up your study doubts
Discover the best universities in your country according to Docsity users
Free resources
Download our free guides on studying techniques, anxiety management strategies, and thesis advice from Docsity tutors
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
1 / 7
This page cannot be seen from the preview
Don't miss anything!
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
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
DEFINITION 3 human effort, both physical and mental TERM 4
DEFINITION 4 Includes all human creations used to produce goods and services TERM 5
DEFINITION 5 All gifts of nature
Can be drawn on indefinitely if used conservatively TERM 7
DEFINITION 7 does not renew itself and so is available in a limited amount TERM 8
DEFINITION 8 the talent required to dream up a new product or find a better way to produce an existing one TERM 9
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
DEFINITION 10 A wage is a compensation, usually financial, received by workers in exchange for their labor.
Scarcity is the fundamental economic problem of having seemingly unlimited human needs and wants, in a world of limited resources. TERM 17
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
DEFINITION 18 a market where goods and services are bought and sold TERM 19
DEFINITION 19 a market in which a resource is bought and sold TERM 20
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
incremental, additional. used to describe a change in an economic variable TERM 22
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
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
DEFINITION 24 a simplification of reality used to make predictions about cause and effect in the real world TERM 25
DEFINITION 25 a measure that can take on different values at different times
the incorrect idea that if two variables are associated in time, one must necessarily cause the other TERM 32
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
DEFINITION 33 unintended consequences of economic actions that may develop slowly over time as people react to events