Principles Of Economics Terms(Chapters1,2) With
Complete Solutions Latest Update
Economics - correct answers the social science concerned with how individuals, institutions, and society make
optimal choices under conditions of scarcity
Economic perspective - correct answers economic way of thinking, a viewpoint that envisions individuals and
institutions making rational decisions by comparing the marginal benefits and marginal costs associated with
their decisions.
Opportunity Cost - correct answers what you give up when you make one choice over another
Utility - correct answers The want-satisfying potential of a good, idea, or service
Marginal analysis - correct answers analysis that involves comparing marginal benefits and marginal costs
Scientific method - correct answers a method of research in which a problem is identified, relevant data are
gathered, a hypothesis is formulated from these data, and the hypothesis is empirically tested.
Economic principle - correct answers commonly held economic insight stated as a law or general assumption
Other thing equal assumption - correct answers ceteris paribas
Macroeconomics - correct answers The study of the economy as a whole
Aggregate - correct answers collection of specific economic system treated as if they were one. Ex: total US
production or total imports
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Schoolflix. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £9.02. You're not tied to anything after your purchase.