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Macroeconmics
McConnell
24
Economics
Undergraduate 2
09/06/2010
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Term
Economics
 Definition
The social science concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity.
Term
Economic Perspective
 Definition
A viewpoint that envisions individuals and institutions making rational decisions by comparing the marginal benefits and marginal costs associated with their actions.
Term
Opportunity Cost
 Definition
Term
Utility
 Definition
Term
Marginal Analysis
 Definition
Term
Scientific Method
 Definition
Term
Scientific Method
 Definition
Term
Economic Principle
 Definition
Term
Other-things-equal assumption
 Definition
Term
Microeconmics
 Definition
Term
Microeconmics
 Definition
Term
Macroeconmics
 Definition
Term
Aggregate
 Definition
Term
Positive Econmics
 Definition
Term
Econmic Resources
 Definition
Term
Land
 Definition
Term
Labor
 Definition
Term
Capital
 Definition
Term
Investment
 Definition
Term
Entrepreneurial ability
 Definition
Term
Capital goods
 Definition
Term
Consumer goods
 Definition
Term
Econmic Growth
 Definition
Term
Law of increasing opportunity costs
 Definition
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