Macro Chapter 1 Vocabulary

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Macro Chapter 1 Vocabulary

• Opportunity cost
• Utility
• Marginal
• Economic principle
• Ceteris Paribus
• Macroeconomics
• Microeconomics
• Aggregate
• Positive economics
• Normative economics
• Economizing problem
• Budget line

• Factors of production
• Land
• Labor
• Capital
• Entrepreneurial ability
• Consumer goods
• Capital goods
• Production possibilities curve
• Law of increasing opportunity costs
• Economic growth
• Scarcity