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MacroEconomics Unit 1
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18 Terms
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1
Economics
The study of why people make choices when buying, selling, spending, and saving.
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2
Goods
Things that can be seen and touched, such as sneakers, IPODs, and bicycles.
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3
Services
Useful work that cannot be touched, exemplified by salespeople and bank tellers.
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4
Economic Resources
Things that go into the making of goods and services.
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5
Scarcity
A situation in which there is not enough of something to go around, such as food or water.
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6
Economic Choices
Decisions made by people, businesses, and governments because of scarcity.
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7
Purposeful Behavior
Behavior driven by rational self-interest, where people seek opportunities to increase satisfaction.
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8
Costs and Benefits
The evaluation of whether the benefits of an action exceed its costs.
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9
Opportunity Cost
The cost of forgoing the next best alternative when making a decision.
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10
Trade-Offs
The process of weighing the costs and benefits of a decision.
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11
Unintended Effects
Outcomes that differ from what was expected when an action is taken.
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12
Rationing Device
A method used to determine who gets what portion of resources and goods.
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13
Competition
The rivalry among sellers or buyers in the market, driven by scarcity.
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14
Microeconomics
The study of economic forces that affect individual components of the economy.
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15
Macroeconomics
The study of economic forces on the economy and society as a whole.
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16
Economic Theory
A framework used by economists to understand behaviors and predict outcomes.
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17
Theory vs. Hypothesis
A theory is not a hypothesis; it is a general principle that can predict outcomes.
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18
Scientific Method
A systematic approach involving research, observation, and experimentation to build theories.
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