Term

Definition
the total benefits of n units of activity divided by n. 


Term

Definition
the total cost of n units of activity divided by n 


Term

Definition
the study of how individuals make choices under conditions of scarcity and the resulting effects 


Term

Definition
the difference between the benefits of taking the action and the cost of taking the action 


Term

Definition
the subfield of economics that concentrates on the performance of the national economy and the effects of governmental policies 


Term

Definition
the extra benefit experienced as a result of one unit increases in the amount of activity chosen. 


Term

Definition
the extra cost experienced as a result of one unit increase in the amount of activity chosen 


Term

Definition
the subfield of economics that concentrates on the behavior of individual markets 


Term
normative economic principle 

Definition
a principle that says how people should behave 


Term

Definition
the value of the next best alternative not selected 


Term
positive economic principle 

Definition
a principle that predicts how people will behave 


Term

Definition
a person with welldefined goals and tries to achieve them 


Term

Definition
cost that cannot be recovered regardless of the alternative chosen 


Term

Definition
a value in an equation that is fixed 


Term

Definition
the variable that is caused by or is being determined in an equation 


Term

Definition
a mathematical statement of the relationship between two or more variables 


Term

Definition
the variable or variables that cause or determine the relationship in an equation 


Term

Definition
when calculating slop, the vertical distance a straight line travels between any two points 


Term

Definition
when calculating slope, the vertical distance a straight line travels between any two points 


Term

Definition
when calculating slope, the horizontal distance a straight line travels between any two points 


Term

Definition
in a straight line, the ratio of the vertical distance to the corresponding horizontal distance between any two points 


Term

Definition
items thought to be related which can take on different numerical values 


Term

Definition
the value of the dependent variable when the value of the independent variable is zero 

