| A | B |
|---|
| Aggregate | the conglomeration of different perspectives into a universal belief or data |
| Capital | assets, such as money used towards the goal of producing goods |
| Capital goods | goods or services used in the aiding of producing good or services that satisfy the consumer, but donÕt directly satisfy the consumer themselves, such as factories or shipping trucks. |
| Consumer goods | goods produces that satisfy the general population of buyers |
| Dependent variable | the calculated value used in expressing a relationship or situation |
| Economics | the social science of an individual or institution making the optimal choice when faced with scarcity |
| Economizing problem | the choices necessitated because societyÕs economic wants for goods and services are unlimited but the resources available to satisfy these wants are limited. |
| Factors of production | land, labor, capital and entrepreneurial ability |
| Independent variable | the measures value used in expressing a relationship or situation (what you plug in) |
| Labor | the mental, physical or entrepreneurial ability of people on the production of goods or services |
| Land | any natural resource, physical space, water, trees, etc. |
| Law of increasing opportunity costs | as the amount of produces goods and service increases so does the opportunity cost per unit |
| Macroeconomics | the study of the financial wellbeing of an entire economy as a whole, such as a nationÕs economy |
| Marginal analysis | the comparison of marginal costs to marginal benefits given a certain situation |
| Microeconomics | the study of the individualÕs financial wellbeing based on personal income and economic needs |
| Opportunity cost | the sacrifice made in order to take advantage of an economic opportunity such as producing a good or service |
| Other things equal assumption | all other variables not included in the data is said to be held at a constant |
| Production possibilities curve | the direct relationship between 2 goods based upon full employment and full resources, showing the ability to produce each item in conjunction with the production of the other |
| Utility | the pleasure or happiness gained from the consumption of goods or services |
