Term
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Definition
Nat. Resources
Labor
Capital
Entrepreneurial Ability |
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Term
| Purpose of economic models |
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Definition
| to provide explanations for, and predictions of, economic events |
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Term
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Definition
| Opinion-can't be proved right or wrong |
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Term
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Definition
| Provable/disprovable statement of reality |
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Term
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Definition
| Incorrect belief that what is true for the individual must be true for the whole or a group |
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Term
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Definition
| Value of best alternative forgone |
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Term
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Definition
| already incurred, thus irrelevant for present and future economic decisions |
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Term
| Personal income comes from |
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Definition
| wages and salaries, transfer payments, proprietors' income |
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Term
| Assumption economists make about polititian's behavior |
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Definition
| try to maximize votes in next election |
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Term
| Main source of U.S. fed revenue |
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Definition
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