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Final | ECON 001 - Principles of Economics I, Quizzes of Economics

Class: ECON 001 - Principles of Economics I; Subject: Economics; University: Howard University; Term: Fall 2011;

Typology: Quizzes

2010/2011

Uploaded on 12/06/2011

morgana-johnson
morgana-johnson 🇺🇸

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TERM 1
economic perspective
DEFINITION 1
Economic way of thinking
TERM 2
Opportunity Costs
DEFINITION 2
the amount of other products that must be forgone or
sacrificed to produce a unit of a product.
TERM 3
Utility
DEFINITION 3
the pleasure, happiness, or satisfaction obtained from
consuming a good or service.
TERM 4
Marginal Analysis
DEFINITION 4
comparisons of marginal benefits and marginal costs, usually
for decision making.
TERM 5
Scientific Method
DEFINITION 5
- Observing real-world behavior and ou tcomes- Based on those
observations, formulating a possible ex planation of cause and
effect (hypothesis)- Testing this eval uation by comparing the
outcomes of specific events to the o utcome predicted by the
hypothesis. - Accepting, rejecting, an d modifying the hypothesis,
based on these comparisons. -Contin uing to test the hypothesis
against the facts.
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economic perspective

Economic way of thinking TERM 2

Opportunity Costs

DEFINITION 2 the amount of other products that must be forgone or sacrificed to produce a unit of a product. TERM 3

Utility

DEFINITION 3 the pleasure, happiness, or satisfaction obtained from consuming a good or service. TERM 4

Marginal Analysis

DEFINITION 4 comparisons of marginal benefits and marginal costs, usually for decision making. TERM 5

Scientific Method

DEFINITION 5

  • Observing real-world behavior and outcomes- Based on those observations, formulating a possible explanation of cause and effect (hypothesis)- Testing this evaluation by comparing the outcomes of specific events to the outcome predicted by the hypothesis. - Accepting, rejecting, and modifying the hypothesis, based on these comparisons. -Continuing to test the hypothesis against the facts.

economic principle

a statement about economic behavior of the economy that enables prediction of the probable effects of certain actions. TERM 7

Generalizations

DEFINITION 7 Statement of the nature of the relationship between 2 or more sets of facts. TERM 8

other-things-equal assumption

DEFINITION 8 the assumption that factors other than those being considered do not change. TERM 9

Microeconomics

DEFINITION 9 the part of economics concerned with decision making by individual customers, workers, households, and business firms. TERM 10

Aggregate

DEFINITION 10 a collection of specific economic unites treated as if they were one unit.