Chapter 1: The Economic Approach
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A series of flashcards focused on vocabulary terms and definitions based on key concepts from Chapter 1: The Economic Approach.
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10 Terms
Scarcity
The condition where desires for goods and services exceed their availability.
Choice
The selection among available alternatives due to scarcity.
Opportunity Cost
The highest valued alternative that must be sacrificed when a choice is made.
Economizing
Gaining a specific benefit at the least possible cost.
Positive Economics
The scientific study of 'what is' among economic relationships, involving potentially verifiable statements.
Normative Economics
Judgments about 'what ought to be' in economic matters, reflecting subjective values.
Ceteris Paribus
A Latin term meaning 'other things constant,' used in economic discussions to simplify effects.
Marginal Analysis
A decision-making process that involves comparing additional benefits and costs.
Competition
The rivalry among sellers to attract customers while lowering costs.
Rationing
The method by which scarce goods are distributed among competing uses.
Flashcards (29)