Miscellaneous Quiz / Microecon. Terms (midterm study guide)

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Can you name the Microecon. Terms (midterm study guide)?

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The study of the allocation of our limited resources to satisfy our unlimited wants
Inputs used to produce goods and services
Exists when human wants (material and nonmaterial) exceed available resources
Scarcity forces us to choose, and choices are costly because we must give up other opportunities that we value
People do the best they can, based on their values and information, under current and anticipated future circumstances
Statement or proposition used to explain and predict behavior in the real world
A testable proposition
The use of data to test a hypothesis
Holding all other things constant
The study of household and firm behavior and how they interact in the marketplace
The study of the whole economy, including the topics of inflation, unemployment, and economic growth
The total amount--such as the aggregate level of output
When two events occur together
When one event brings about another event
The incorrect view that what is true for the individual is always true for the group
An objective, testable statement that describes what happens and why it happens
A subjective, contestable statement that attempts to describe what should be done
The factors of production
The physical and human effort used in the production of goods & services
The natural resources used in the production of goods & services
The equipment and structures used to produce goods & services
The productive knowledge and skill people receive from education, on-the-job training, health, and other factors that increase productivity
The process of combining labor, land, and capital to produce goods & services
Items we value or desire
Items we value or desire that we can reach out & touch
Goods that we cannot reach out and touch, such as friendship and knowledge
Intangible items of value provided to consumers, such as education
Scarce goods created from scarce resources--goods that are desirable but limited in supply
The value of the BEST forgone alternative that was not chosen
Focusing on the additional, or marginal, choices; involves the effects of adding or subtracting from the current situation, the small (or large) changes to a plan of action
Individuals will pursue an activity if the expected marginal benefits are greater than the expected marginal costs
The difference between the expected marginal benefits and the expected marginal costs
An incentive that either reduces costs or increases benefits, resulting in an increase in an activity or behavior
An incentive that either increases costs or reduces benefits, resulting in a decrease in the activity or behavior
Concentrating in the production of one, or a few, goods
Occurs when a person or country can produce a good or service at a lower opportunity cost than others
When an economy gets the most out of its scarce resources
Government-mandated minimum or maximum prices
When the economy fails to allocate resources efficiently on its own
Consumers vote with their dollars in a market economy; this accounts for what is produced
Economy in which the government uses central planning to coordinate most economic activities
An economy that allocates goods and services through the private decisions of consumers, input suppliers, and firms
An economy where government and the private sector determine the allocation of resources
Production that uses a large amount of labor
Production that uses a large amount of capital
Markets where households are buyers and firms are sellers of goods & services
Markets where households sell the use of their inputs (capital, land, labor, and entrepreneurship) to firms
An illustration of the continuous flow of goods, services, inputs, and payments between firms and households
The potential total output combinations of any two goods for an economy
The opportunity cost of producing additional units of a good rises as society produces more of that good

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