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Economics for Today by Irvin B. Tucker

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Economics for Today by Irvin B. Tucker Chapter 1: Introduction to Economics 1. Scarcity ️: The condition in which human wants are forever greater than the available supply of time, goods, and resources. 2. Resources (Factors of Production) ️: The basic categories of inputs used to produ...

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  • September 9, 2024
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  • 2024/2025
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Economics for Today by Irvin B. Tucker
Chapter 1: Introduction to Economics




1. Scarcity ✔️: The condition in which human wants are forever greater than the available supply of

time, goods, and resources.


2. Resources (Factors of Production) ✔️: The basic categories of inputs used to produce goods and

services: land, labor, and capital.


- Land ✔️: Any natural resources provided by nature that are used to produce goods or services.


- Labor ✔️: The mental and physical capacity of workers to produce goods and services.


- Entrepreneurship ✔️: The creative ability of individuals to seek profits by taking risks and combining

resources to produce innovative products.


- Capital ✔️: A human-made good used to produce other goods and services.


3. Economics ✔️: The study of how society chooses to allocate its scarce resources to produce goods

and services to satisfy unlimited wants.


4. Macroeconomics ✔️: The branch of economics that studies decision making for the economy as a

whole.


5. Microeconomics ✔️: The branch of economics that studies decision making by a single individual,

household, firm, industry, or level of government.

,6. Model ✔️: A simplified description of reality used to understand and predict the relationship

between variables.


7. Ceteris Paribus ✔️: A Latin phrase meaning "all other things remain unchanged" while analyzing

certain variables.


8. Positive Economics ✔️: An analysis limited to statements that are verifiable.


9. Normative Economics ✔️: An analysis based on value judgments.




### Chapter 1 Appendix




10. Direct Relationship ✔️: A positive association between two variables.


11. Inverse Relationship ✔️: A negative association between two variables.


12. Slope ✔️: The ratio of the change in the variable on the vertical axis to the change in the variable on

the horizontal axis.


13. Independent Relationship ✔️: A zero association between two variables.




### Chapter 2: Opportunity Cost and Production




14. Opportunity Cost ✔️: The best alternative sacrificed for a chosen alternative.

,15. Marginal Analysis ✔️: An examination of the effects of additions to or subtractions from a current

situation.


16. Production Possibilities Curve ✔️: A curve showing the maximum combinations of two outputs an

economy can produce in a given time period.


17. Technology ✔️: The body of knowledge applied to how goods are produced.


18. Law of Increasing Opportunity Costs ✔️: The principle that the opportunity cost increases as

production of one output expands.


19. Economic Growth ✔️: The ability of an economy to produce greater levels of output, represented

by an outward shift of its production possibilities curve.


20. Investment ✔️: The accumulation of capital, such as factories, machines, and inventories used to

produce goods and services.




### Chapter 3: Demand and Supply




21. Law of Demand ✔️: There is an inverse relationship between the price of a good and the quantity

buyers are willing to purchase.


22. Demand ✔️: A curve or schedule showing various quantities of a product consumers are willing to

purchase at possible prices during a specified period.


23. Change in Quantity Demanded ✔️: A movement between points along a stationary demand curve.


24. Change in Demand ✔️: An increase or decrease in quantity demanded at each price.

, 25. Normal Good ✔️: A good where there is a direct relationship between changes in income and its

demand.


26. Inferior Good ✔️: A good with an inverse relationship between changes in income and its demand.


27. Substitute Good ✔️: A good that competes with another good for consumer purchases.


28. Complementary Good ✔️: A good that is jointly consumed with another good.


29. Law of Supply ✔️: There is a direct relationship between the price of a good and the quantity sellers

are willing to offer.


30. Supply ✔️: A curve showing the quantities of a product sellers are willing to produce at possible

prices.


31. Change in Quantity Supplied ✔️: A movement between points along a stationary supply curve.


32. Change in Supply ✔️: An increase or decrease in quantity supplied at each price.


33. Market ✔️: Any arrangement in which buyers and sellers interact to determine the price and

quantity exchanged.


34. Surplus ✔️: A market condition where the quantity supplied is greater than the quantity demanded.


35. Shortage ✔️: A market condition where the quantity supplied is less than the quantity demanded.


36. Equilibrium ✔️: The condition where quantity demanded and quantity supplied are equal.


37. Price System ✔️: A mechanism that uses supply and demand forces to create equilibrium.




### Chapter 3 Appendix

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