Details

Title: 1.2 Economic Theory

Description: Vocab

Total Flash Cards: 5

Created: 10/27/2009 08:17:30

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Additional Economics Flashcards

Cards in this set:

Term
Economic Theory
 Definition
A simplification of economic reality used to make predictions about the real world
Term
Marginal
 Definition
Incremental, additional, extra, or one more; refers to a change in an economic variable, a change in the status quo
Term
Market Economics
 Definition
Study of economic behavior in particular markets, such as the market for computers or for unskilled labor
Term
National Economics
 Definition
Study of the economic behavior of the economy as a whole, especially the national economy
Term
Market
 Definition
The means by which buyers and sellers carry out exchange