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Economic Theory
Ch 1: What is Economics? Vocabulary (McEachern, 2e)
5
Economics
10th Grade
07/09/2009

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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
market
Definition
the means by which buyers and sellers carry out exchange
Term
national economics
Definition
study of the economic behavior of the economy as a whole, especially the national economy
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