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MacroEconomics > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

Economics

A

social science of scarcity

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2
Q

economic perspective

A

way economist see the world

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3
Q

oppurtunity cost

A

what is given up when a choice is made to but a product

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4
Q

Purposeful Behavior

A

people work to increase utility (happiness or satisfaction)

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5
Q

Marginal Analysis

A

comparison between marginal benefit and marginal cost

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6
Q

Marginal Analysis

A

comparison between marginal benefit and marginal cost

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7
Q

No free lunch

A

there will always be a cost to produce good even if the cost doesn’t effect the individual

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8
Q

Economic Principle

A

generalization, other things equal assumption, graphical expressions

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9
Q

Other things equal assumption

A

“ceteris paribus” to look at other variables, some variables are kept the constant

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10
Q

Aggregate

A

total

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11
Q

Positive Economics

A

factual

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12
Q

Normative economics

A

judgment/opinion

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13
Q

Economizing problem

A

limited income with unlimited wants

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14
Q

Budget Line

A

choice between goods and limited income.

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15
Q

4 economic resources

A

Land, labor, capital, entrepreneurial ability

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16
Q

Land

A

natural resources

17
Q

Labor

A

physical and mental ability

18
Q

Capital

A

investment, something produced but not used to produce something else

19
Q

Entrepreneurial ability

A

the combining of resources or good in ways most people wouldn’t, thinking out of the box

20
Q

Entrepreneurs

A

takes initiative, makes strategic decisions, thinks out of the box

21
Q

Production possibility model

A

curved. economic mode that shows different combination of 2 goods that the economy could produce. fixed resources and technology

22
Q

Law of increasing oppurtunity cost

A

as more a good us produced, its marginal oppurtunity cost increases

23
Q

international trade

A

specialization, increased production possibilities

24
Q

Pitfalls

A

biases, loaded terminology, correlation not causation, fallacy of composition

MacroEconomics (10 decks)

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