Macroeconomics CH1 (Foundations and Models) Vocab
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13 Terms
Economics
Study how people, both individually and collectively, make choices in the presence of scarce resources
Scarcity
Refers to the inability to satisfy all human wants and desires with the available resources
Resources
Include land, labor, and capital
Physical Capital
Machines and equipment
Human Capital
Stock of knowledge and skill obtained through education and training
Opportunity Cost
Value of the next-best alternative forgone
Economic System
Defines the rules that govern ownership and use of resources
Monopoly
When a company has no competition
Positive Economics
Studies behavior and the operation of systems without making judgements
Normative Economics
Judgmental (analyzed outcomes of economic behavior)
Microeconmics
Studies individual decision-making agents
Macroeconomics
Studies the economy in its entirety
Inflation
increase in prices over time