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Chapter One: What Is Economics?
N/A
23
Economics
12th Grade
06/03/2014

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Term
Economics
Definition
The science of how & why people, businesses, & governments make the choices that they do.
Term
Insatiability
Definition
The condition of having unlimited wants & thus never being satisfied.
Term
Scarcity
Definition
The condition of a good or service being finite or limited in quantity.
Term
Economic Cost
Definition
The value people place on a good or service.
Term
Good
Definition
Any tangible thing that has a measurable life span.
Term
Services
Definition
Intangible functions produced by useful labor.
Term
Economic Goods
Definition
Items that bear a positive economic cost.
Term
Economic Services
Definition
Services that bear a positive economic cost.
Term
Nuisance Goods
Definition
Items that bear a negative economic cost.
Term
Recycling
Definition
Turning nuisance goods into economic goods.
Term
Free Goods
Definition
Items provided freely by God in nature.
Term
Free Services
Definition
Services provided freely by God in nature.
Term
Diamond-Water Paradox
Definition
The riddle that asks which is more valuable, a handful of diamonds or a glass of water, solved by Carl Menger in 1871 when he proposed that value is not inherent in an object but rather is determined by the buyer.
Term
Intrinsic Value
Definition
Value ascribed to a good or service because of its nature.
Term
Subjective Value
Definition
The worth of a good or service as determined by its usefulness to the buyer.
Term
Utility
Definition
Usefulness.
Term
Opportunity Benefit
Definition
The satisfaction a person receives from a choice.
Term
Opportunity Cost
Definition
The satisfaction one gives up or the regret one experiences for not choosing a desirable alternative.
Term
Util
Definition
An imaginary unit of satisfaction.
Term
Microeconomics
Definition
The level of economic study that is concerned with choices made by individual units.
Term
Macroeconomics
Definition
The level of economic study that is concerned with large-scale economic choices & issues.
Term
Positive Economics
Definition
The approach to economic study involving the observation of economic choices & the prediction of economic events.
Term
Normative Economics
Definition
The approach to economic study involving value judgments about existing & proposed economic policies.
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