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Macro Chapters 1-4
Marquette Macro Vocab Terms Chapter 1-4
5
Economics
Undergraduate 2
09/15/2011

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Term
Factors of Production/Economic Resources
Definition
Includes Land, Labor, Entreprenuership, and Capital. Land makes rent, Labor makes Wages, Entreprenuers make profit, and Capital makes Interest
Term
Opportunity Cost
Definition
The value of the option that you fore go
Term
Marginal Analysis
Definition
The process of analyzing the additional or incremental costs or benefits arising from a choice or decision
Term
Economic Model
Definition
Houses --(Labor, Land, Capital)--> Factor Markets --(Inputs of Production)--> Firms --(Goods and Services)--> Product Markets --(Final Product)--> Households
Term
Law of Opportunity Cost
Definition
As the number produced of a good increases, the opportunity cost of that good also increases
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