Objectives - 1. define the following: 1. economics the...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
1. define the following: 1. economics – the study of the choices people make and the actions they take to make the most of the scarce resources available 2. macroeconomics – deals with large scale economics (inflation, unemployment, economic growth) 3. microeconomics – deals with small scale economics (households, firms, government) 4. resources – objects used to produce good and services (land, labor, capital, entrepreneurship) 5. market – a set of arrangements whereby buyers and sellers carry out exchange of goods and ideas 6. marginal – result of small change in an economic variable 7. ceteris paribus – “all other things remain the same” 8. hypothesis – relationship between variables 9. direct relationship – variable are directly related to each other. When on changes, it leads to a change of the other in the same direction 10. inverse relationship – change in one variable leads to a change in the other in the opposite direction 11. slope of a line – ratio of change between vertical and horizontal points
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 2

Objectives - 1. define the following: 1. economics the...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online