Intoduction to microeconomics provided is a sample of answered practice questions of introduction to microeconomics
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ATI MED SURG
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ATI MED SURG
Intoduction to microeconomics
provided is a sample of answered
practice questions of introduction to
microeconomicsIntoduction to microeconomics
provided is a sample of answered
practice questions of introduction to
microeconomicsIntoduction to microeconomics
provided is a sample of answered...
Intoduction to microeconomics
provided is a sample of answered
practice questions of introduction to
microeconomics
Economic Growth - ✔✔answers✔✔An increase in the total output of an economy. Growth occurs when
a society acquires new resources or when it learns to produce more existing resources.
Stability - ✔✔answers✔✔A condition in which national output is growing steadily, with low inflation and
full employment of resources.
Opportunity Cost - ✔✔answers✔✔The best alternative that we forgo, or give up, when we make a
choice or a decision.
Scarce - ✔✔answers✔✔Limited.
Marginalism - ✔✔answers✔✔The process of analyzing the additional or incremental costs or benefits
arising from a choice or decision.
,Efficient Market - ✔✔answers✔✔A market in which profit opportunities are eliminated almost
instantaneously.
Economics - ✔✔answers✔✔The study of how individuals and societies choose to use the scarce
resources that nature and previous generations have provided. A behavioral or social science. The study
of how how people make choices. The choices that people make, when added up, translate into societal
choices.
Efficiency - ✔✔answers✔✔In economics, allocative efficiency. An efficient economy is one that produces
what people want at the least possible cost.
Equity - ✔✔answers✔✔Fairness
Industrial Revolution - ✔✔answers✔✔The period in England during the late 18th and early 19th
centuries in which new manufacturing technologies and improved transportation gave rise to the
modern factory system and massive movement of the population from countryside to the cities.
Microeconomics - ✔✔answers✔✔The branch of economics that examines the functioning of individual
industries and the behavior of individual decision-making units--that is, firms and households.
Macroeconomics - ✔✔answers✔✔The branch of economics that examines the economic behavior of
aggregates--income, employment, output, and so on--on a national scale.
Positive Economics - ✔✔answers✔✔An approach to economics that seeks to understand behavior and
the operation of systems without making judgements. It describes what exists and how it works.
Ceteris Paribus, or All Else Equal - ✔✔answers✔✔A device used to analyze the relationship between 2
variables while the values of the other variables are held unchanged.
Post Hoc, Ergo Propter Hoc - ✔✔answers✔✔Literally "after this (in time), therefore because of this." A
common error made in thinking about causation. If Event A happens before event B, it is not necessarily
true that A caused B.
, Fallacy of Composition - ✔✔answers✔✔The erroneous belief that what is true for a part is necessarily
true for the whole.
Empirical Economics - ✔✔answers✔✔The collection and use of data to test economic theories.
Normative Economics (Policy Economics) - ✔✔answers✔✔An approach to economics that analyzes
outcomes of economic behavior, evaluates them as good or bad, and may prescribe courses of action.
Also called policy economics.
Model - ✔✔answers✔✔A formal statement of a theory, usually a mathematical statement of a
presumed relationship between 2 or more variables.
Variable - ✔✔answers✔✔A measure that can change from time to time or from observation to
observation.
Ockham's Razor - ✔✔answers✔✔The principle that irrelevant detail should be cut away.
Capital - ✔✔answers✔✔Things that are produced and then used in the production of other goods and
services.
Factors or Production (Factors) - ✔✔answers✔✔The inputs into the process of production. Another term
for resources.
Production - ✔✔answers✔✔The process that transforms scarce resources into useful goods and
services.
Inputs (Resources) - ✔✔answers✔✔Anything provided by nature or previous generations that can be
used directly or indirectly to satisfy human wants.
Outputs - ✔✔answers✔✔Goods and services of value to households.
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