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Economics Today (the Macro View) Chapters 1-4
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Economics Today (the Macro View) Chapters 1-4 Incentives ️Rewards or penalties for engaging in a particular activity Economics ️The study of how people allocate their limited resources to satisfy their unlimited wants Resources ️Things used to produce goods and services to satisfy peopl...

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  • September 9, 2024
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  • 2024/2025
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  • economics today the macro view chapters 1 4

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Economics Today (the Macro View) Chapters 1-4
Incentives ✔️Rewards or penalties for engaging in a particular activity




Economics ✔️The study of how people allocate their limited resources to satisfy their unlimited wants




Resources ✔️Things used to produce goods and services to satisfy people's wants




Wants ✔️What people would buy if their incomes were unlimited




Microeconomics ✔️The study of decision making undertaken by individuals (or households) and by

firms




Macroeconomics ✔️The study of the behavior of the economy as a whole, including such economywide

phenomena as change in unemployment, the general price level, and national income




Aggregates ✔️Total amounts or quantities. ____________ demand, for example, is total planned

expenditures throughout a nation

, Economic system ✔️A society's institutional mechanism for determining the way in which scarce

resources are used to satisfy human desires




Rationality assumption ✔️The assumption that people do not intentionally make decisions that would

leave them worse off




Models, or theories ✔️Simplified representations of the real world used as the basis for predictions or

explanations




Ceteris paribus assumption ✔️The assumption that nothing changes except the factor or factors being

studied




Empirical ✔️Relying on real-world data in evaluating the usefulness of a model




Behavioral economics ✔️An approach to the study of consumer behavior that emphasizes

psychological limitations and complications that potentially interfere with rational decision making




Bounded rationality ✔️The hypothesis that people are nearly, but not fully, rational, so that they

cannot examine every possible choice available to them but instead use simple rules of thumb to sort

among the alternatives that happen to occur to them

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