Economics Final

comparisons of marginal benefits and marginal costs, usually for decision making

extra, additional, a change in

A statement about economic behavior or the economy that enables prediction of the probable effects of certain actions

the assumption that factors other than those being considered do not change

is the part of economics concerned with decision making by individual customers, workers, households, and business firms

examines either the economy as a whole or its basic subdivisions or aggregates, such as the government, household, and business sectors.

Schedule or curve that shows various combinations of two products a consumer can purchase with a specific money income

Displays different combinations of goods and services that society can produce in a fully employed economy

the responsiveness of consumers to a price change is measured by__