Textbook Notes (368,318)
Canada (161,798)
Economics (924)
ECN 104 (388)
Chapter 1

Chapter 1 Vocab

2 Pages
105 Views
Unlock Document

Department
Economics
Course
ECN 104
Professor
Guido Raso
Semester
Winter

Description
Chapter One Vocab1 Economicsthe social science concerned with how individuals institutions and society make best choices under conditions of scarcity 2 Economic perspectivea viewpoint that envisions individuals and institutions making rational decisions by comparing the marginal benefits and marginal costs associated with their actions 3 Opportunity costthe amount of other products that must be forgone or sacrificed to produce a unit of a product 4 Utilitythe satisfaction a person gets from consuming a good or service 5 Marginal analysisthe comparison of marginal extra benefits and marginal costs usually for decisionmaking 6 Scientific methodthe systematic pursuit of knowledge through formulating a problem collecting data and formulating and test h
More Less

Related notes for ECN 104

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit