Positive economics is objective and fact based, while normative economics is subjective and value based. Positive economic statements do not have to be correct,
the ability of an individual or group to carry out a particular economic activity more efficiently than another individual or group
Positive economics is objective and fact based, while normative economics is subjective and value based. Positive economic statements do not have to be correct, but they must be able to be tested and proved or disproved.
the part of economics concerned with large-scale or general economic factors, such as interest rates and national productivity.
the limited nature of society\\\\
the study of how society manages its scarce resources
the property of distributing economic prosperity fairly among the members of society
A general increase in prices and fall in the purchasing value of money.
an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services
a visual model of the economy that shows how dollars flow through markets and firms
the part of economics concerned with single factors and the effects of individual decisions.
a curve that shows the short run tradeoff between inflation and unemployment
the ability of an individual or group to carry out a particular economic activity (such as making a specific product) more efficiently than another activity.
bring (goods or services) into a country from abroad for sale.
send (goods or services) to another country for sale.
the claim that, other things equal, the quantity demanded of a good falls when the price of the good rises
a fundamental principle of economic theory which states that, all else equal, an increase in price results in an increase in quantity supplied.
a state of rest or balance due to the equal action of opposing forces. ... equal balance between any powers, influences,
Scottish political economist and moral philosopher. His inquiry into the Nature and Causes of the Wealth of Nations
an English economist, whose radical ideas had a major impact on modern economic and political theory as well as Franklin D. Roosevelt\'s New Deal
the degree to which a demand or supply is sensitive to changes in price or income.
Price elasticity of supply
a measure used in economics to show the responsiveness, or elasticity, of the quantity supplied of a good or service to a change in its price.
the manner in which the burden of a tax is shared among participants in a market
a branch of economics that uses microeconomic techniques to evaluate well-being (welfare) at the aggregate (economy-wide) level.
a curved graph that illustrates the theory that, if tax rates rise beyond a certain level, they discourage economic growth, thereby reducing government revenues
An import quota is a type of trade restriction that sets a physical limit on the quantity of a good that can be imported into a country in a given period of time.
a tax enacted to correct the effects of a negative externality
a shortfall of tax revenue from government spending
A regressive tax is a tax imposed in such a manner that the tax rate decreases as the amount subject to taxation increases.
total revenue minus total cost including explicit and implicit costs
total revenue minus explicit cost
a proportionate saving in costs gained by an increased level of production.
a cost that has already been committed and cannot be recovered
A natural monopoly is a type of monopoly that exists as a result of the high fixed costs or startup costs of operating a business in a specific industry
a state of limited competition, in which a market is shared by a small number of producers or sellers.