seminar-type classess for сФ305

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1. Opportunity cost — the cost of choosing to use resources for one purpose measured by the sacrifice of the next best alternative.
2. Microeconomics — economic analysis concerned with the individual choices made by participants in the economy; also called price theory.
3. Inflation — the rate of upward movement in the price level for an aggregate of goods and services.
4. Positive economics — seeks to forecast the impact of changes in economic policies or conditions on observable items and determine who gains and who loses.
5. Economic system — the mechanism through which the use of labor, land, structures, vehicles, equipment, and natural resources is organized to satisfy societal desires.
6. Scarcity — the imbalance between society’s desires and the means to satisfy those desires.
7. Normative economics — evaluates the desirability of alternative outcomes according to value judgments about what is good or bad.
8. Economics — the study of society’s use of scarce resources to satisfy the unlimited desires of its members.
9. Macroeconomics — economic analysis that considers the overall performance of the economy including production, consumption, prices, and employment.
10. Unemployment rate — measures the ratio of the number of people classified as unemployed to the total labor force.

1. scarce
2. unlimited
3. Scarcity
4. opportunity costs
5. next best
6. efficiency
7. Microeconomics
8. Macroeconomics
9. macroeconomics
10. microeconomics
11. “what is”
12. Normative
13. value judgment