1. Social Science and Economic Concepts

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35 Terms

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Social Science

Uses scientific methods to explain behavior and relationships in society.

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Hypothesis

Tentative description of observed phenomena.

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Harder Theories

Theories from natural science that withstand tests.

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Softer Theories

Social science theories allowing exceptions to central predictions.

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Consumption

Process of satisfying consumer needs and wants.

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Economic Welfare/Utility

Happiness from consumption or quality of life factors.

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Goods

Tangible products like food and cars.

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Services

Intangible products like education and healthcare.

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Needs

Minimum requirements for human survival.

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Wants

Desires for goods and services, infinite in nature.

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Economic Activity

Production of goods and services to satisfy needs and wants.

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Factors of Production

Land, labor, capital, and entrepreneurship used in production.

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Environmental Resources

Natural and abstract resources within the environment.

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Factor Income

Payment to owners for use of production factors.

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Scarce Resources

Limited production inputs requiring choices in use.

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Inputs

Factors of production or raw materials used in production.

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Production

Transformation of resources into final consumer form.

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Output

Combined goods and services produced.

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Economic Problem

Allocation of resources due to infinite wants and scarce resources.

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Choice

Economic decisions involving alternative uses of scarce resources.

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Trade-Off

Choosing between conflicting objectives due to limited resources.

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Economic Agents

Decision makers affecting resource allocation.

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Economy

System solving economic problems of production, allocation, and consumption.

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Free-Market-Economy

System relying on market forces for resource allocation.

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Opportunity Cost

Benefit forgone of the next best alternative.

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Economic Goods

Goods with opportunity cost due to scarcity.

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Free Goods

Unlimited supply goods with no opportunity cost.

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Production Possibility Frontiers (PPF)

Curve showing maximum potential output given fixed resources and technology.

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Capital Goods

Assets used to produce other goods, not for consumption.

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Consumer Goods

Goods produced for consumption.

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Productive Efficiency

Full employment of resources producing at lowest costs.

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Allocative Efficiency

Best combination of goods and services considering consumer preferences.

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Asymmetric Growth

Economic growth due to increased productivity in one sector.

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Normative Statements

Opinions requiring value judgments, not scientifically testable.

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Positive Statements

Objective statements of fact scientifically testable.