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Chapter 1 - Flashcards

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Class:ECON 221 - Microeconomics
Subject:Economics
University:California Polytechnic State University - San Luis Obispo
Term:Fall 2010
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Economy A system for coordinating society's productions
Economics The social science that studies the production, distribution and consumption of goods and services.
Market Economy An economy in which decisions about production and consumption are made by individual producers and consumers.
Micro-Economics the branch of economics that studies how people make decisions and how those decisions interact.
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Market Failure When the individual pursuit of self interest yields bad results for society as a whole.

Macro-Economics the branch of economics that studies the overall ups and downs of the economy.
Resource Anything that can be used to produce anything else
Opportunity Cost The real cost of anything; that's what you give up in order to obtain it (time, other things that could be bought)
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Trade-Off A comparison of the costs & benefits of doing something.
Marginal Analysis The study of Marginal Decisions; whether to do a bit more or a bit less of an activity.
Trade Providing goods and services to others in exchange for goods and services in return
Equilibrium The state of an economic situation when no individual would be better off doing something different (Consuming or Producing differently)
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 EconomyA system for coordinating society's productions
 EconomicsThe social science that studies the production, distribution and consumption of goods and services.
 Market EconomyAn economy in which decisions about production and consumption are made by individual producers and consumers.
 Micro-Economicsthe branch of economics that studies how people make decisions and how those decisions interact.
 Market FailureWhen the individual pursuit of self interest yields bad results for society as a whole.

 Macro-Economicsthe branch of economics that studies the overall ups and downs of the economy.
 ResourceAnything that can be used to produce anything else
 Opportunity CostThe real cost of anything; that's what you give up in order to obtain it (time, other things that could be bought)
 Trade-OffA comparison of the costs & benefits of doing something.
 Marginal AnalysisThe study of Marginal Decisions; whether to do a bit more or a bit less of an activity.
 TradeProviding goods and services to others in exchange for goods and services in return
 EquilibriumThe state of an economic situation when no individual would be better off doing something different (Consuming or Producing differently)
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