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Definition
| inability to satisfy all our wants |
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Term
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Definition
| reward that encourages an action or a penalty that discourages one |
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Definition
| social science that studies the choices that individuals, businesses, governements, and entire societies make as they cope with scarcity and the incentives that influence and reconcile those choices |
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Definition
| study of choices that individuals and businesses make, the way these choices interact in markets, and the influence of government |
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| the study of the performance of national and global economies |
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Term
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| goods (physical) and services (tasks performed) are objects that people value and produce to satisfy human wants |
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Definition
| determines how goods and services are produced; the productive resources used to produce goods and services (land, labor, capital, entreprenership) |
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Definition
| "gifts of nature" we used to produce goods and services; natural resources |
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Term
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| work time and effort that people devote to promote goods and services; quality depends on human capital |
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| knowledge and skills acquired from education, job training, and experience |
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Definition
| tools, instruments, machines, buildings, and other constructions that businesses use to produce goods and services |
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Definition
| the human resources that organizes land, labor, and capital; come up with new ideas about what and how to produce; make new business decisions; and bear risk |
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| a choice that is the best available for your interests |
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Term
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Definition
| choices that are best for societies as a whole |
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Definition
| expansion of world trade, borrowing and lending, and investing |
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Term
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Definition
| an exchange - giving up one thing to get something else |
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Term
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Definition
| the trade off between equality and efficiency |
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Term
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Definition
| the highest valued alternative that we must give up to get something |
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Term
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Definition
| benefit that arises from an increase in activity |
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Term
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| cost of an increase in activity |
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Term
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Definition
about what is
true/false
can be right or wrong
we can test it |
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Term
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Definition
about what ought to be
expresses an opinion
depends on values
cannot be tested |
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Term
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Definition
| description of some aspect of the economic world that includes only features that are needed for the purpose at hand |
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Term
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Definition
| a situation that arises in the ordinary course of economic life in which one factor is different and other things are equal or similar |
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Term
| statistical investigation |
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Definition
| looks for a tendency for two values to move together - either the same or opposite directions |
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Term
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Definition
| puts people in a decision-making situation and varies the influence of one factor at a time to discover how they respond |
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