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Chapter 1 and 2 Vocabulary Flashcards

(21 cards)

1
Q

Economics

A

The study of how people make choices given the condition of scarcity

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2
Q

What type of science is economics/

A

A social science

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3
Q

Economic Policy

A

how institutions, governments, and businesses influence the choices people make

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4
Q

Cost-Benefit analysis

A

Consider additional costs and additional benefits of an action when making a decision

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5
Q

What does economics assume people are?

A

Rational

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6
Q

Opportunity cost

A

value of your best alternative sacrificed when making a decision.

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7
Q

Two qualities of actors

A
  1. Self interested. 2. Responsive of incentives.
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8
Q

Microeconomics

A

individual households, businesses, and industries

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9
Q

Macroeconomics

A

Recessions, inflation, and employment

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10
Q

Model building

A

Using models to simplify and explain economic relationships.

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11
Q

Ceteris Paribus

A

Holding all other variables constant

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12
Q

Law of demand

A

when price increases, people will buy less

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13
Q

Correlation

A

Two things happen at the same time, caused by a third party

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14
Q

Causation

A

Two things happen because of each other

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15
Q

Efficiency

A

how well resources are allocated

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16
Q

Allocative efficiency

A

The person who wants the good most will get.

17
Q

Equity

A

Issues of fairness

18
Q

Positive statement

A

Based on a fact

19
Q

Normative statement

A

based on an assertion

20
Q

Thinking at the margin

A

ignoring costs already incurred

21
Q

Going to a second movie for free after paying for the first one means the opportunity cost is?