Econ Alive Chapter 1 Review

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Can you name the Econ Alive Chapter 1 Review?

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DefinitionKey Term
The study of how people choose to use their limited resources to satisfy their unlimited wants.
The condition that results because people have limited resources but unlimited wants.
Makes people better off.
Any factor that encourages or motivates a person to do something.
The type of analysis that focuses on how things ought to be done.
A simplified representation of reality that often allows economists to focus on the effects of one change at a time.
Whenever you choose one thing over another.
When we decide to add or subtract one more unit to or from what we already have.
Economic decision making by individuals, households, and businesses.
'Ceteris Paribus'
A way to compare the costs of an action with the benefits of that action.
DefinitionKey Term
A visual representation of the relationship between two given sets of data.
Anything used to produce a good or service.
Any arrangement that brings buyers and sellers together to do business with each other.
Factual information that gave you vital insights into the physical world and its processes.
Puzzels or ridddles that might explained through an economic analysis.
Actions that result from decisions.
These create incentives that influence how people behave.
Any line that representing data points plotted on a graph.
Economic workings as a whole.
Posing questions, researching the question, developing a hypothesis, conducting studies and collecting information, analyzing the information, and then evaluating the hypothesis.
This type of analysis, which describes how things are.

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