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Class: ECON 001 - Principles of Economics I; Subject: Economics; University: Howard University; Term: Fall 2011;
Typology: Quizzes
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Economic way of thinking TERM 2
DEFINITION 2 the amount of other products that must be forgone or sacrificed to produce a unit of a product. TERM 3
DEFINITION 3 the pleasure, happiness, or satisfaction obtained from consuming a good or service. TERM 4
DEFINITION 4 comparisons of marginal benefits and marginal costs, usually for decision making. TERM 5
DEFINITION 5
a statement about economic behavior of the economy that enables prediction of the probable effects of certain actions. TERM 7
DEFINITION 7 Statement of the nature of the relationship between 2 or more sets of facts. TERM 8
DEFINITION 8 the assumption that factors other than those being considered do not change. TERM 9
DEFINITION 9 the part of economics concerned with decision making by individual customers, workers, households, and business firms. TERM 10
DEFINITION 10 a collection of specific economic unites treated as if they were one unit.