4
Chapter 1 economics: the study of scarcity
Key terms – matching and translation.
Read aloud the key term and
its definition so that they make up a single sentence. (Remember
about the agreement between the subject and the predicate!).
Translate the sentences you have arrived at from English into
Russian.
Set 1
1
microeconomics
|
The simplest workable
theory is the best theory.
|
2
Occam’s
razor
|
Economic theory that is,
at least theoretically, scientifically testable and free of value
judgments.
|
3
positive
economics
|
Securities
and other paper claims to goods or resources.
|
4
land
|
The organizing,
risk-taking, and innovating resource.
|
5
model
|
Contestable theories rife
with value judgments.
|
6
normative
economics
|
Using
technology to apply energy to make materials more
valuable.
|
7
macroeconomics
|
Nonhuman resources other
than capital.
|
8
entrepreneurship
|
The
study of individual decisions made by consumers
and firms.
|
9
financial
capital
|
Focuses on aggregate, or
economy-wide, variables.
|
10
production
|
A representation of a
theory.
|
Set 2
1
technology
|
Desired
amounts of a good exceed those freely available.
|
2
capital
|
Improvements
to natural resources that make them more
productive.
|
3
Homo
economicus
|
The
view that humans maximize their satisfaction or wealth.
|
4
labor
|
The hours of human effort
available for production.
|
5
rent
|
Payments for labor
services.
|
6
scarce
good
|
Physical capital
accumulation.
|
7
profits
|
Decreases in capital
because of wear-and-tear.
|
8
investment
|
Entrepreneur's reward.
|
9
depreciation
|
Payment for the use of
land.
|
10
wages
|
The
"recipes" used to combine resources for production.
|
Set 3
1
interest
|
The value foregone
whenever people make choices.
|
2
free
good
|
Adds to human happiness,
but is not scarce.
Payments to capital
owners.
|
3
opportunity
cost
|
When this is reached,
further gains in happiness to anyone require losses to someone
else.
|
4
scarcity
|
Achieving maximum
satisfaction from given budgets.
|
5
relative
prices
|
The basic economic
problem.
|
6
economic
efficiency
|
Prices of goods or
resources in terms of each other.
Prices of goods or
services in terms of some monetary unit.
|
7
absolute
prices
|
Fairness.
|
8
production
efficiency
|
Getting maximum output
from given resources.
|
equity
consumption efficiency
|
|