Some definitions of economics
June 11, 2014
Economics:
The science of
scarcity; the science of individual and societies deal with the fact that wants
are greater than the limited resource available to satisfy those wants.
Micro Economic:
The branch of
economcs that deals with human behavior and choices as they relate
to relatively small units such as an individuals,a firm,an
industry,a single market.
Macro Economics:
The branch of
economics, that deals with human behavior and choice as they relate to relatively
highly aggregate market or the entire economy.
Positive economics:
The study of
“what is” in economic matters.
Normatative economics:
The study
of “what should be” in economic matters.
Scarcity:
The condition in
which our wants are greater than the limited resources available to
satisfied those wants.
Choice:
Choice is a
situation where our wants outstrip another wants.
Opportunity cost:
The most
highly valued opportunity or alternative forfited when a choice in made.
Utility:
The
satisfaction one receivers from a good.
Disutility:
The
satisfaction one receivers from a bad.
Good:
Anything from which individual receiver
utility or satisfaction.
Bad:
Anything from
which individual receiver disutility or dissatisfaction.
Marginal benifit:
The benifits
connected to consumar an aditional unit of a good.
Marginal cost:
The cost
connected to consuming an additional unit of a good.
Efficiency:
Marginal
cost = Marginal benifit
Land:
All natural
resource such as minerals forests water and un improved land
Labour:
The physical and
mental telents people contribute to the production process
Capital:
Produced goods
that can be used as inputs for further production such as factories
Machinery tools
computers and buldings
Enterpreneurship:
The particuler
talent that some people have for organizing the resources of land
labour and capital to
produce goods seek new business opportunities and develop
new ways of doing
thing...