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 in economics, including macroeconomics and microeconomics. Learn about concepts such as scarcity, resources, labor, capital, opportunity cost, rationality, and more.
Typology: Quizzes
1 / 4
This page cannot be seen from the preview
Don't miss anything!
The study of how people choose to allocate their scarce resources. TERM 2
DEFINITION 2 the study of the aggregate economy TERM 3
DEFINITION 3 the study of individual decision makers and how they interact with each other in markets TERM 4
DEFINITION 4 things we use to produce goods and services; usually classified as land, labor, and capital TERM 5
DEFINITION 5 the human effort required to make things
the things we use from the natural environment: water, land, lumber, minerals, etc. TERM 7
DEFINITION 7 the economic term for goods that we make in order to help us make more goods and services in the future TERM 8
DEFINITION 8 goods such as factories and equipment, computers and software, roads and bridges. things we make to help us produce even more in the future TERM 9
DEFINITION 9 includes all the things that we learn that help us to produce more things in the future. ie) the ability to read TERM 10
DEFINITION 10 our resources are scarce in the sense that they are limited relative to our wants
the benefit or satisfaction that someone gains from their choices TERM 17
DEFINITION 17 the combination of costs and benefits that influence decisions. they can be moral and social as well as material. people tend to respond in predictable ways to changes in incentives. TERM 18
DEFINITION 18 results of a change in incentives that had not been anticipated TERM 19
DEFINITION 19 a point where there is no tendency for change to occur
