| Definition | Key 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. | |
| | Definition | Key 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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