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
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Labor
the skills, abilities, knowledge, and effort exerted by people in production
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Entreprenurial Talent
The economic agent who creates the enterprise
7
Technology
a manner in which resources are combined to produce commodities
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Cost benefit principle
costs and benefits are the incentives that shape decisions
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Economic Surplus
Total benefit - total cost
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Opportunity cost
The most valuable alternative you had to give up to pursue your choice
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Marginal Principle
decisions about quantities are best made incrementally
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Marginal benefit
the extra benefit from one extra unit
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marginal cost
The extra cost from one extra unit
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