Ch 2 - Discipline of Economics

Graphical representation of the best possible combination of two products a country can produce if it uses up all its resources efficiently.

to understand behavior are proved via a full procedure of hypothesis and testing.

All natural resources in general including oceans, mineral deposits, crude oil, etc.

we consider the big picture- the nations economy as a whole.

A productive equipment or machinery (in economic terms only)

is directed at the roles households and firms play and how their decision- making and allocation of resources impact the overall economy.

All human attributes involved in a task, service, or function, that can play a role in the productivity of the process e.g.

means the ability of one country /nation to produce goods /services at a lower opportunity cost than another country /nation.

This is the cost we forgo or sacrifice, to opt for another choice.

this approach to economics is based on facts and figures.

is producing goods /services more efficiently, using fewer inputs.

filters our scope to individuals in an economy while keeping the overall economy in mind

this approach to economics is based on facts and figures

this approach to economics is based on assumptions

All natural resources in general including oceans, mineral deposits, crude oil, etc

All human attributes involved in a task, service, or function, that can play a role in the productivity of the process e.g

A productive equipment or machinery (in economic terms only)

This is the cost we forgo or sacrifice, to opt for another choice

Graphical representation of the best possible combination of two products a country can produce if it uses up all its resources efficiently