Tucker Chapter 1

Creative ability of individuals to seek profits by taking risks and combining resources to produce innovative products.

The condition in which human wants are forever greater than the available supply of time, goods, and resources.

The branch of economics that studies decision making for the economy as a whole.

based on value judgments or opinions and uses words such as good, bad, ought to and should

Minimum wage causes unemployment

The mental and physical capacity of workers to produce goods and services.

Study of how society chooses to allocate its scarce resources to produce goods and services to satisfy unlimited wants.

The branch of economics that studies decision making by a single individual, household, or firm.

An analysis limited to statements that are verifiable.

studies inflation, unemployment, economic growth, the money supply, and the national incomes of different countries

Forests, gold, diamonds, oil, coal, and wind are examples of

A Latin phrase that means while certain variables change, "all other variables remain unchanged."

Resources are called

A positive economics statement

assembly-line workers, lawyers, professional football players, and farmers are

Any natural resource provided by nature that is used to produce a good or service.

The government should provide health insurance to all citizens.

Roads, bridges, dams, airports, harbors, public universities, and government buildings are

The basic categories of inputs used to produce goods and services

A human made good used to produce other goods and services.