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Marginal Analysis
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Analysis that involves comparing marginal benefits and marginal costs.
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Opportunity Cost
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Cost of the next best alternative use of money, time, or resources when one choice is made rather than another
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Utility
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Ability or capacity of a good or service to be useful and give satisfaction to someone.
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Marginal Benefit
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The additional benefit to a consumer from consuming one more unit of a good or service
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Marginal Cost
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Extra cost of producing one additional unit of production.
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Microeconomics
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Study of a single factor of an economy - such as individuals, households, businesses, & industries - rather than an economy as a whole.
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Positive Economics
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The analysis of facts or data to establish scientific generalizations about economic behavior
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Normative Economics
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Deals with areas of the subject that are open to personal opinion and belief
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Factors of Production
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Scarce Resources, Land, Labor, Capital, Entrepreneurship
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Capital Goods
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Buildings, machines, technology, and tools needed to produce goods and services.
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Production Possibilities Curve
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A curve showing the different combinations of two goods or services that can be produced in a full-employment, full-production economy where the available supplies of resources and technology are fixed.
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Consumer Goods
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Finished products that are consumed by an individual.
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Macroeconomics
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The part of economics concerned with large-scale or general economic factors, such as interest rates and national productivity.
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Land
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Any natural resource provided by nature and used in the production process.
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Labor
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Work/Workers/Employees.
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Capital
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Financial Resources
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Investment
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Expenditures on (production of) new plant, equipment, and structures (capital) in a given time period, plus changes in business inventories.
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Entrepreneurial Ability
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The human resource that combines the other resources to produce a product, makes decisions, innovates, and bears risks.
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