Saint Leo University



Directions: Define each of the terms below and evaluate the significance of each term to the topics presented within the textbook.Chapter 1TermDefinitionSignificanceIncentives?Economics?Resources?Wants?Microeconomics?Macroeconomics?Aggregates?Economic system?Rationality assumption?Models (or Theories)?Empirical?Behavioral economics?Bounded rationality ?Positive economics?Normative economics?Chapter 2Scarcity?Production?Land?Labor?Physical capital?Human capital?Entrepreneurship?Goods?Economic goods?Services?Opportunity cost?Production possibilities curve (PPC)?Technology?Efficiency?Inefficient point?Law of increasing additional cost?Consumption?Specialization?Comparative advantage?Absolute advantage?Division of labor? ................
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