ECON 2000 : Economics Final Review
Document Summary
Economics final review choice or decision instantaneously firms and households benefits arising from a choice or decision resources that nature and previous generations have provided. Economics the study of how individuals and societies choose to use the scares. Opportunity cost the best alternative that we forgo, or give up, when we make a. Marginalism the process of analyzing the additional or incremental costs or. Sunk costs costs that cannot be avoided because they have already been incurred. Efficient market a market in which profit opportunities are eliminated almost. Microeconomics the branch of economics that examines the functioning of individual industries and the behavior of individual decision-making units that is, Macroeconomics the branch of economics that examines the aconomic behavior of. Normative economics an approach to economics that eanalyzes outcames of. Descriptive economics the compilation of data that describes phenomena and facts. Economic theory a statement or set of related statements about cause and effect,
