ECON 251 Final
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1
Positive Economics
Concerned with what is
2
Normative Economics
Concered with what should be
3
Land
Includes space, natural resources, and what is commonly thought of as land
4
Capital
The physical assets used in production
5
Labor
the skills, abilities, knowledge, and effort exerted by people in production
6
Entreprenurial Talent
The economic agent who creates the enterprise
7
Technology
a manner in which resources are combined to produce commodities
8
Cost benefit principle
costs and benefits are the incentives that shape decisions
9
Economic Surplus
Total benefit - total cost
10
Opportunity cost
The most valuable alternative you had to give up to pursue your choice
11
Marginal Principle
decisions about quantities are best made incrementally
12
Marginal benefit
the extra benefit from one extra unit
13
marginal cost
The extra cost from one extra unit
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