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Chapter 1-12

Econ 101 Chapter 1-12 vocab.docx

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ECON 101
Robert Gateman

Chapter 1 Factors of ProductionResources used to produce goods and services frequently divided into basic categories of Land labor and Capital GoodsTangible commodities such as cars or shoes ServicesIntangible commodities such as haircuts or medical care Production the act of making goods or services Consumption The act of using goods or services to satisfy wants Opportunity CostThe cost of using resources for a certain purpose measured by the benefit given up by using them in their best alternative use Production Possibility boundaryA curve showing which alternative combinations of commodities can just be attainedif all available resources are used efficiently it is the boundary between attainable and unattainable output combinations Resource allocationThe allocation of an economys scares resources among alternative uses Microeconomics The study of the causes and consequences of the allocation of resources as it is affected by the working the price system MacronomicsThe Study of the determination of economic aggregates such as total output the price level employment and growth The circular flow of income and expendituresSpecialization of LaborThe specialization of individual workers in the production of particular goods and services Division of laborThe Breaking up of production process into series of specialized tasks each done by different workers BarterAn economic system which goods and services are traded directly for other goods or services Traditional EconomyAn economy in which behavior is based mostly on trade Command EconomyAn economy in which most economic decisions are made by a central planning authority Freemarket EconomyAn economy in which most economic decisions are made by private households and firms Mixed EconomyAn economy in which some economic decisions are made by firms and households and some by government Chapter 2Normative statementA statement about what ought to be as opposed to what actually is Positive statement A statement about what actually is as apposed to what ought to be Variable
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