Effective - A particular use of resources that achieves a desired end, such as consumption., Priority - The favouring of one available option over another in making a decision or choice., Consequence - The result, effect, or outcome of an action taken or the refusal to take an action., Efficient - The use of a bare minimum of resources to achieve a desired end, such as consumption.The use of a bare minimum of resources to achieve a desired end, such as consumption., Economize - To use limited resources efficiently in production., Economics - The study of the way society makes decisions about the use of scarce resources., Social Science - Sciences, such as economics, history, and sociology, that study some aspect of human behaviour., Stakeholder - A person with a vested or personal interest (or stake) in an economic decision., Scientific method - A method of study used to make discoveries in natural science and social sciences (such as economics) that has four steps: observation, data collection, explanation, and verification., Economy - A self-sustaining system in which many independent transactions in a society create distinct flows of money and products or services., Analytical Economics - The branch of economics that deals with facts and direct observation of the world., Normative Economics - The branch of economics that deals with value judgements about economic subjects rather than facts and observations., Utility - The usefulness, satisfaction, or benefit derived from each available option to help make a rational choice among them., Util - A theoretical unit of satisfaction that a person gains from consuming an item., Fallacy - A hypothesis that has been proven false but is still accepted by many people because it appears to be true., Fallacy of Composition - A mistaken belief that what is good for an individual is automatically good for everyone, or what is good for everyone is good for the individual., Post Hoc Fallacy - A mistaken belief that what occurs before some event is logically the cause of it., Fallacy of Single Causation - A mistaken belief, based on oversimplification, that a particular event has one cause rather than several causes., Origin - As used in graphs, the point at which the vertical and horizontal axes meet., Inverse Relationship - A negative association between two variables where when one variable is increased the other decreases, and when one variable is decreased the other increase., Direct Relationship - A positive association between two variables where when one variable is increased the other variable also increases, and when one variable is decreased the other also decreases., Opportunity Cost - The value or benefit that must be given up to achieve something else., Trade-off - The sacrifice of one resource or production choice for another., Consumer goods - Those goods or services that an economy produces to satisfy human needs., Capital goods - Goods, such as tools or machinery, used to produce consumer goods., Relative cost - The cost of producing one item, A, expressed in terms of the numbers of another item, B, which must be given up to produce A (that is, A’s opportunity cost)., Law of increasing relative cost - The increase in the relative cost of producing more of item A, measured by the numbers of another item, B, that could be produced with the same resources., Frontier - The curve on a production possibilities graph representing the maximum numbers of two items that can be produced with a given amount of resources., Law of Diminishing Returns - The eventual decline in the rate of extra outputs produced that occurs when one input used in production of the output is held constant and the others are increased., Law of Increasing Returns to Scale - The increase in the rate of extra outputs produced when all inputs used in production are increased and no inputs are held constant.,

Ch. 1 & 2 - key terms activity

by
Print
Embed

Leaderboard

Visual style

Options

Switch template

Continue editing: ?