To begin with generalization which are then tested against real world observations is known as the:
the institution of private property is sustained over time by:
economics principle are necessarily abstraction
Economic development is:
economic growth deals with:
increase in resources or improvements in technology will tend to cause a society's production possibilities curve to:
PPC stands for:
what are the 3 basic economic question:
Analysis that does not impose the value judgments of one individual on the decisions of others is called positive analysis.
LFPR stand for?
what is the empowering force that gives others its own value?
capital, labor, or land
what is deductive reasoning
descriptive economics is what?
what are the 4 ways to use the same idea?
Analysis of what is
any item for which we would pay to have less.
the mistaken assumption that what applies in the case of one applies to the case of many.
a good for which there is no scarcity.
analsis of what ought to be
any item that is scarce
the shortage that exists when less of something is available than is wanted at a zero price.
products such as machinery and equipment that are used in production.
The study of economics at the level of the individual.
the physical and intellectual services of people, including the training, education, and abilities of the individual in the society.
The study of the economy as a whole.
The means by which people choose the options that give them the greatest amount of satisfaction.
What are the three resource of economics?
what is land labor and Capital?