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When specific jobs are gie

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The assumption that factors other than those being considered do not change. They assume that all variables except those under immediate consideration are held constant for particular analysis.

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Two or more buyers and two or more sellers acting individually to out buy or sell  a good. People are allowed to enter and leave the market at any time they wish.

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Economic way of thinking.

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Freedom to negotiate binding legal contracts individually and businesses.

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Pleasure, satisfaction.

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It is mainly dealing with cause and effect relationships.

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The motivating force of the various economic units as they express their free choices. They try to achieve economic goals. Profits are maximized to reach the highest goal.

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Resources being used of an individual region or nation to produce one or few goods.

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Allows owners to waste there money as they desire. Also, allows workers to work where they want if they are the right candidate for the job.

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When the government controls what goes into and out of the economy. There is very little private ownership. Also known as Socialism or communism.

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The line that is the curve consist of 2 products, If there is a point outside the curve then it is impossible to make simply because there is not enough resources or labor to produce it. The line is the maximum

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When the production of one good increases so does the opportunity costs of another unit.

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The special human resource that preforms functions such as: making strategic business decisions, innovating, bearing risks, and combining the resources of land, labor, and capital to produce a good or service.

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When technology advances, goods and the quality improves.

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Includes all of the manufactured aids used in producing consumer goods and services (tools). Examples of capital include all factory, storage, and transportation facilities,as well as tools and machinery.

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Full employment: economy is employing all of its available resources
Fixed resources: Products are improved dealing with the quality and the production
Fixed technology: Producing the same technology at a constant rate
Two goods: Examples: pizza which are CONSUMER GOODS (Products that satisfy our wants) , Robots are CAPITAL GOODS (satisfy our wants by making  more efficient production of consumer goods).

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Compares the marginal benefits and the marginal costs. When deciding to pick between two things, you consider the result and pick the one with the best result (marginal benefit) and consider what you loose (marginal cost).

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A larger total output.

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A curve that shows the various combinations of two produces that can be produced while having the same number of set resources.

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The physical actions and mental activities that people contribute to the production of goods and services.

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Includes all natural resources (forests, mineral and oil deposits, water resources, wind power, sunlight, and arable land).

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Scarce resources are economic resources. Having limited resources that is given by nature, human, and manufactured.

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Economists classify economic resources into four general categories: Land, Labor, Capitol, and Entrepreneurial Ability.

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Value judgments about what the economy should be like. Normative Economics focus on subjective feelings about "what ought to be".

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Macroeconomics views the economy as a whole. (Ex. government, business sectors) Would lump together millions of consumers.

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To obtain more of one thing ,so society forgoes the opportunity of the next big thing.
Example: People sacrifice other resources into making.

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Microeconomics is one level of principles and models of decision made by an individual. (ex. customers, workers, household).

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Focuses on facts and cause-and-effect relationships. It includes description, theory development, and theory testing.