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Economics Terminology and Concepts, Quizzes of Introduction to Macroeconomics

Definitions for key economic terms and concepts, including scarcity, resources, rational behavior, theory, hypothesis, empirical analysis, microeconomics, correlation, causation, fallacy of composition, positive analysis, and normative analysis. It also introduces macroeconomics and the concept of aggregate.

Typology: Quizzes

2009/2010

Uploaded on 05/10/2010

sdickerson89
sdickerson89 🇺🇸

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TERM 1
Economics
DEFINITION 1
the study of the allocation of our limited resources to satisfy
our unlimited wants
TERM 2
Resources
DEFINITION 2
inputs used to produce goods and services
TERM 3
Scarcity
DEFINITION 3
exists when human wants (material and non-material)
exceed available resources.
TERM 4
The Economic
Problem
DEFINITION 4
Scarcity forces us to choose, and choices are costly because
we must give up other opportunities that we value.
TERM 5
Rational Behavior
DEFINITION 5
people do the best they can, based on their values and
information, under current and anticipated future
circumstances.
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Economics

the study of the allocation of our limited resources to satisfy

our unlimited wants

TERM 2

Resources

DEFINITION 2

inputs used to produce goods and services

TERM 3

Scarcity

DEFINITION 3

exists when human wants (material and non-material)

exceed available resources.

TERM 4

The Economic

Problem

DEFINITION 4

Scarcity forces us to choose, and choices are costly because

we must give up other opportunities that we value.

TERM 5

Rational Behavior

DEFINITION 5

people do the best they can, based on their values and

information, under current and anticipated future

circumstances.

Theory

statement or proposition used to explain and predict

behavior in the real world.

TERM 7

Hypothesis

DEFINITION 7

a testable proposition

TERM 8

empirical analysis

DEFINITION 8

the use of data to test a hypothesis

TERM 9

Ceteris Paribus

DEFINITION 9

holding all other things constant

TERM 10

Microeconomics

DEFINITION 10

the study of household and firm behavior and how they

interact in the marketplace

macroeconomics

the study of the whole economy, including the topics of

inflation, unemployment, and economic growth

TERM 17

Aggregate

DEFINITION 17

the total amount--such as the aggregate level of output