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TAMIU Macroeconomics 2301 Chapter 1

TAMIU Macroeconomics 2301 Chapter 1 - P a g e | 1 M a cro e...

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Unformatted text preview: P a g e | 1 M a cro e co n o m ics Vocabulary Economics - The social science concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity Economic perspective - Economic way of thinking Opportunity cost - To obtain more of one thing, society for goes the opportunity of getting the next best. That sacrifice is the opportunity cost of the choice. Utility – The pleasure, happiness, or satisfaction, obtained from consuming a good or service. Marginal analysis – Comparisons of marginal benefits and marginal costs, usually for decision making. Economic principle – A statement about economic behavior or the economy that enables prediction of the probable effects on certain actions. Other-things-equal assumption – The assumption that factors other than those being considered do not change. Macroeconomic s – Examines either the economy as a whole or its basic subdivisions or aggregates, such as the government, household, and business sectors. Aggregate – A collection of specific economic units treated as if they were one unit. Microeconomics – Part of economics concerned with individual units such as a person, a household, a firm, or an industry....
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TAMIU Macroeconomics 2301 Chapter 1 - P a g e | 1 M a cro e...

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