Econ - Utility-pleasure happiness or satisfaction received...

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Utility -pleasure, happiness, or satisfaction received from a product Opportunity Cost - The cost associated with the alternative that was sacrificed to do or acquire something else. Cost associated with the foregone opportunity Economic Perspective - Entails a comparison of marginal benefits and marginal costs in decision making Study of Economics is concerned with - Choices that are made in seeking to use scarce resources efficiently The Greatest Degree of Confidence in Outcome - An economic generalization which is based on economic laws or principles Ceteris Paribus -“Other things equal” Goals of Macroeconomics - Full Employment, Price Level Stability, and economic growth Macroeconomics - The Study of the large aggregates of the economy or the economy as a whole Microeconomics - Concerned with individual economics units in a specific market Marginal Analysis -The basis for determining whether or not a good, or service is produced. Even inherently desirable products. Such as education and health care should not be produced when
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