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.
