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TRU econ 1900 Ch. 1
Econ 1900 laura lamb
14
Economics
Undergraduate 1
09/16/2014

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Term
Boom:
Definition
a period of high growth that raises output above normal capacity output.
Term
Capital services
Definition
are the production inputs generated by capital assets.
Term
Capital stock:
Definition
the buildings, machinery, equipment and software used in producing goods and
services
Term
Economy-wide PPF
Definition
is the set of goods combinations that can be produced in the economy when all available productive resources are in use.
Term
Full employment output
Definition
Yc = (number of workers at full employment)×(output per worker).
Term
Macroeconomics
Definition
studies the economy as system in which feedbacks among sectors determine national output, employment and prices.
Term
Microeconomics
Definition
is the study of individual behaviour in the context of scarcity
Term
Model
Definition
is a formalization of theory that facilitates scientific inquiry.
Term
mixed economy
Definition
where resources are supplied by both government and private sectors
Term
Opportunity cost
Definition
of a choice is what must be sacrificed when a choice is made.
Term
Production possibility frontier (PPF)
Definition
defines the combination of goods that can be produced
using all of the resources available.
Term
Productivity of labour
Definition
is the output of goods and services per worker.
Term
Recession
Definition
when output falls below the economy’s capacity output.
Term
Theory
Definition
is a logical view of how things work, and is frequently formulated on the basis of observations.
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