Iowa State ECON 1020 Macro

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11 Terms

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Good

A tangible object that satisfies your desires

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Service

An intangible thing that satisfies yours desires

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Resource

An input used to produce goods and services

Ex: labor, natural resources, knowledge

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Economics

Study of how people use available resources to satisfy their desires

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Microeconomics

The study of individual choices, specific markets, and industries

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Macroeconomics

The study of the performance of economy as a whole

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Positive Statements

Statements the relate facts to verifiable hypotheses

Ex: if statements are true or false

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Normative Statements

Statements the relate to opinions and value judgements

Ex: Statements that can’t be proven true/false

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Market

A mechanism that allows a buyer and seller to meet enabling transaction between them

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Price Ceiling

A legal max price sellers are allowed to charge for a good

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Price floor

A legal min price buyers must pay for a g/s