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Universities » Millersville University of Penns.. » ECON - Economics » 101 - Principles of Macroeconomi.. » Flash Cards

Chapter 1 - Flashcards

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Class:ECON 101 - Principles of Macroeconomics
Subject:Economics
University:Millersville University of Pennsylvania
Term:Spring 2011
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Economics The study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided.
Opportunity Cost The best alternative that we forgo, or give up, when we make a choice or a decision.
Scarce limited.
Marginalism The process of analyzing the additional or incremental costs or benefits arising from a choice or decision.
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Sunk Costs Costs that cannot be avoided because they have already been incurred.
Efficient Market A market in which profit opportunities are eliminated almost instantaneously.
Industrial Revolution The period in England during the late 18th and 19th centuries in which new manufacturing technologies and improved transportation gave rise to the modern factory system and a massive movement of the population from the countryside to the cities.
OPEC The Organization of the Petroleum Exporting Countries (OPEC) is a cartel of twelve developing countries made up of Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.
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Microeconomics The branch of economics that examines the functioning of individual industries and the behavior of individual decision making units (firms and households).
Macroeconomics Branch of economics that examines the economic behavior of aggregates- income, employment, output, and so on- on a national scale.
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 EconomicsThe study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided.
 Opportunity CostThe best alternative that we forgo, or give up, when we make a choice or a decision.
 Scarcelimited.
 MarginalismThe process of analyzing the additional or incremental costs or benefits arising from a choice or decision.
 Sunk Costs Costs that cannot be avoided because they have already been incurred.
 Efficient MarketA market in which profit opportunities are eliminated almost instantaneously.
 Industrial RevolutionThe period in England during the late 18th and 19th centuries in which new manufacturing technologies and improved transportation gave rise to the modern factory system and a massive movement of the population from the countryside to the cities.
 OPECThe Organization of the Petroleum Exporting Countries (OPEC) is a cartel of twelve developing countries made up of Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.
 MicroeconomicsThe branch of economics that examines the functioning of individual industries and the behavior of individual decision making units (firms and households).
 MacroeconomicsBranch of economics that examines the economic behavior of aggregates- income, employment, output, and so on- on a national scale.
  Definition
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