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Principles Of Economics Terms(Chapters1,2) With Complete Solutions Latest Update
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Principles Of Economics Terms(Chapters1,2) With Complete Solutions Latest Update
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Principles Of Economics Terms(Chapters1,2) WithComplete Solutions Latest Update
Economics - correct answers the social science concerned with how individuals, institutions, and society make
optimal choices under conditions of scarcity
Economic perspective - correct answers economic way of thinking, a viewpoint that envisions individuals and
institutions making rational decisions by comparing the marginal benefits and marginal costs associated with
their decisions.
Opportunity Cost - correct answers what you give up when you make one choice over another
Utility - correct answers The want-satisfying potential of a good, idea, or service
Marginal analysis - correct answers analysis that involves comparing marginal benefits and marginal costs
Scientific method - correct answers a method of research in which a problem is identified, relevant data are
gathered, a hypothesis is formulated from these data, and the hypothesis is empirically tested.
Economic principle - correct answers commonly held economic insight stated as a law or general assumption
Other thing equal assumption - correct answers ceteris paribas
Macroeconomics - correct answers The study of the economy as a whole
Aggregate - correct answers collection of specific economic system treated as if they were one. Ex: total US
production or total imports
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