micro I
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1
The study of choices
Economics
2
Limited resources unlimited want
Scarcity
3
provable statement
positive
4
opinionntestable
normative statement
5
chosing purposefully by getting max benefit from min cost
rational
6
costs and benefits are
subjective
7
what inspires people to respond in different ways
incentive
8
a cost paid that you cannot get back
sunk cost
9
economics is __ thinking
marginal
10
weighing the cost or benefit of adding an extra thing
marginal thinking
11
if the marginal benefit of an action exceeds the marginal cost then do it
economic decision rule
12
highest value benefit that is sacrificed
opportunity cost
13
getting information is
costly
14
anticipate __ effects when making decisions
secondary
15
the test of a theory is its ability to
predict
16
a price mechanism coined by adam smith where self interest leads to societal betterment
the invisible hand
17
social and historical forces on people
the invisible handshake
18
political and legal forces on people
invisible foot
19
When you hold all else constant and get to a wrong conclusion because of your own situation
violation of ceteris paribus
20
what is true for a person may not be true for the whole
Fallacy of compositions
21
the right to use control sell a good or service
property right
22
exclusive use, legal protection of invasion, right to transfer sell exchange
private
23
private, capitalism, laizzes faire, self interest
pure market
24
socialism communism, communal, goodwill towards community
pure command
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