MacroEconomics Unit 1

studied byStudied by 0 people
0.0(0)
learn
LearnA personalized and smart learning plan
exam
Practice TestTake a test on your terms and definitions
spaced repetition
Spaced RepetitionScientifically backed study method
heart puzzle
Matching GameHow quick can you match all your cards?
flashcards
FlashcardsStudy terms and definitions

1 / 17

encourage image

There's no tags or description

Looks like no one added any tags here yet for you.

18 Terms

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

Explore top notes

note Note
studied byStudied by 6 people
899 days ago
5.0(1)
note Note
studied byStudied by 18 people
840 days ago
5.0(1)
note Note
studied byStudied by 631 people
712 days ago
5.0(1)
note Note
studied byStudied by 18 people
764 days ago
5.0(1)
note Note
studied byStudied by 113 people
935 days ago
5.0(1)
note Note
studied byStudied by 5 people
947 days ago
5.0(1)
note Note
studied byStudied by 430 people
573 days ago
4.8(6)
note Note
studied byStudied by 11953 people
709 days ago
4.6(36)

Explore top flashcards

flashcards Flashcard (249)
studied byStudied by 96 people
502 days ago
5.0(1)
flashcards Flashcard (54)
studied byStudied by 33 people
312 days ago
5.0(1)
flashcards Flashcard (46)
studied byStudied by 22 people
853 days ago
5.0(2)
flashcards Flashcard (100)
studied byStudied by 74 people
26 days ago
5.0(1)
flashcards Flashcard (23)
studied byStudied by 41 people
580 days ago
5.0(1)
flashcards Flashcard (50)
studied byStudied by 57 people
362 days ago
5.0(1)
flashcards Flashcard (53)
studied byStudied by 3 people
383 days ago
5.0(1)
flashcards Flashcard (83)
studied byStudied by 215 people
508 days ago
5.0(6)
robot