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Macroeconmics
McConnell
24
Economics
Undergraduate 2
09/06/2010

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Term
Economics
Definition
The social science concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity.
Term
Economic Perspective
Definition
A viewpoint that envisions individuals and institutions making rational decisions by comparing the marginal benefits and marginal costs associated with their actions.
Term
Opportunity Cost
Definition
Term
Utility
Definition
Term
Marginal Analysis
Definition
Term
Scientific Method
Definition
Term
Scientific Method
Definition
Term
Economic Principle
Definition
Term
Other-things-equal assumption
Definition
Term
Microeconmics
Definition
Term
Microeconmics
Definition
Term
Macroeconmics
Definition
Term
Aggregate
Definition
Term
Positive Econmics
Definition
Term
Econmic Resources
Definition
Term
Land
Definition
Term
Labor
Definition
Term
Capital
Definition
Term
Investment
Definition
Term
Entrepreneurial ability
Definition
Term
Capital goods
Definition
Term
Consumer goods
Definition
Term
Econmic Growth
Definition
Term
Law of increasing opportunity costs
Definition
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