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Description
Flashcards by troberts115, updated more than 1 year ago
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Created by troberts115
over 8 years ago
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| Question | Answer |
| Microeconomics | the study of the behaivior of individualsin relation to allocating resources |
| Macroeconomics | Study of economics as a wholedealing with structure, behavior, and decision-making |
| Ceteris Paribus | Other things being equal and constant; kind of the equivalent of saying, "if ___ stays constant, ___ should happen." |
| Positive Economics | Description and explanation of trends in economics |
| Normative Economics | Shows value and judgments about fairness in the economy or what the outcomeand goals in an economy should be. |
| Scarcity | In short supply |
| Land | Natural resources with a fixed supply |
| Labor | Productive activity by workers |
| Capital | Financial wealth |
| Entrepreneurship | the willingness and ability to start, run, and/or own a business, usually from scratch |
| Opportunity Cost | The cost of giving up an alternative |
| Free Goods | A good with no opportunity cost |
| Economic Good | A good that is useful but is scarce in demand |
| Utility | Used to describe the usefulness of a good |
| Production Possibilities Curve (PPC) | Shows waste, over and under production, and where you could improve production |
| Actual Output | The amount of product a producer actually produces |
| Potential Output | What a producer could produce or be producing based on resources and things like that |
| Actual Growth | An increase in real GDP |
| Potential Growth | Possible/potential increase in capacity in an economy |
| Economic Growth | The increase in capacity to produce goods and services |
| Economic Development | Decisive actions taken by a community to ensure a promotion in standard of living and health in an economic area |
| Sustainable Development | Development that meets the needs we currently have while still letting future generations meet their own needs |
| Market Economy | The kind of economy America has where price and demand determine what is produced |
| Planned (Command) Economy | An economy where the government decides what is to be produced and who will produce it |
| Transition Economy | An economy that is changing from a command to a market economy |
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