Unit One Lesson One Economics

Front

The study of how people choose to use their limited resources to satisfy their unlimited wants

Back

Economics

Front

The study of the economy at the level of individuals, households, and businesses

Back

Micro economics

Front

Branch of economics that uses objective analysis to find out how the economy actually works, describes how things are

Back

Positive economics

Front

Something that motivates a person to take a particular course of action

Back

Incentives

Front

The study of the workings of the economy as a whole

Back

Macro economics

Front

A system used to manage limited resources for the production, distribution, and consumption of goods and services

Back

Economy

Front

Value judgments to data in order to recommend actions or policies. The goal is to advise how things ought to be done.

Back

Normative economics

Front

The demand for a good or service is greater than the availability of the good or service

Back

Scarcity

Front

The exchange of one benefit or advantage for another that is thought to be better

Back

Tradeoff

Front

Compare the costs of an action with the benefits of that action; if benefits exceed costs, then the action is worth it

Back

cost-benefit analysis