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| The social science concerned with how individuals, institutions, and society make optimal (best) choices under conditions of scarcity |
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| To obtain more of one thing, society forgoes the opportunity of getting the next best thing. |
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| The pleasure, happiness, or satisfaction obtained from consuming a good or service |
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| comparisons of marginal benefits and marginal costs, usualy for decision making. |
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| "extra," "additional," or "a change in" |
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| A statement about economic behavior or the economy that enables prediction of the probable effects of certain actions. |
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| other-things-equal assumption |
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| The assumption that factors other than those being considered do not change. |
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| the part of economics concerned with individual units such as a person, a household, a firm, or an industry |
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| Examines the economy as a whole or its basic subdivisions or aggregates, such as the government, household, and business sectors. |
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| a coolection of specific economic units treated as if they were one unit, Ex: Consumers |
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| Focuses on facts and cause-and-effect relationships |
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| Incorporates value judgements about what the economy should be like or what particular policy actions should be recommended to achieve a desireable goal. |
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| The need to make choices because economic wants exceed economic means |
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| (constraint) a schedule or curve that shows various combinations of two products a consumer can purchase with a specific money income. |
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| all natural resources used in the production process (arable land, forests, mineral and oil deposits, water resources) |
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| the physical and mental talents of individuals used in producing goods and services |
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| Manufactured aids used in producing consumer goods and services. |
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| The purchase of capital goods |
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| The purchase of capital goods |
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| the special human resource, distinct form labot |
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| production possibilities curve |
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| Displays the different combinations of goods and services that society can produce in a fully employed economy |
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| law of increasing opportunity costs |
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| as the production of a particular good increases, the opportunity cost of producing an additional unit rises |
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| Change in Consumption/Change in Income |
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| Change in Savings/Change in Income |
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