Download 1-Benefit : what you gain from something or pleasure that it brings

College of Business Administration
ECON 1312
Introduction to Microeconomics
SEC:103 ٍ
Assignment 1
Dr. Mohammad A. Magableh
Name : Adel Waleed Al Mubayed
ID : 201002141
FALL Semester, Academic Year 2012/2013
1-Benefit : what you gain from something or pleasure that it brings and is
determined by preferences.
2-Capital : the tools , instruments, machines, buildings, and other constructions
that businesses use to produce goods and services.
3- Economic model : is a description of some aspect of the economic world that
includes only those features that are needed for the purpose at hand .
Example : an economic model of a cell-phone network might include features
such as the prices of calls, the number of cell-phone users, and the volume of
calls.
4. Economics : is the social science that studies the choices that individuals,
businesses , governments, and entire societies make as they cope with scarcity
and the incentives that influence and reconcile those choices.
5- Macroeconomics : is the study of the performance of the national economy
and the global economy.
Examples :
1- why is the U.S. unemployment rate so high ?
2- Can the federal Reserve make our economy expand by cutting interest
rates?
6- Microeconomics : is the study of the choices that individuals and businesses
make, the way these choices interact in markets, and the influence of
government.
Examples :
1- why are people downloading more movies ?
2- how would a tax on e-commerce affect eBay ?
7- Efficiency : is low in come and more out come , another definition is the
achieved when the available resources are used to produce goods and services
at the lowest possible cost and in the quantities that give the greatest possible
value or benefit.
8- Entrepreneurship : the human resource that organizes labor , land , and
capital.
9- Factors of production : goods and services are produced by using productive
resources that economists .
10 - Goods : are physical object such as cell phones and automobiles.
11- Services : are tasks performed for people such as cell-phone service and
auto-repair service.
12- Human Capital : the set of skills which an employee acquires on the job,
through training and experience , and which increases that employee's value in
the marketplace .
13- Opportunity cost : The opportunity cost of something is the highest valued
alternative that must be given up to get it.
14- preferences : is what a person likes and dislikes and the intensity of those
feelings.
15- profit : the positive gain from an investment or business operation after
subtracting for all expenses.
16- Rational choice : is one that compares costs and benefits and achieves the
greatest benefit over cost for the person making the choice.
17- Rent : payment , usually monthly, for use of space or property.
Example : rent a car or rent a house or rent a box.
18- Scarcity : it is our inability to get everything we want .
Example : you want the latest smart phone , or you want the highest speed of
internet on your phone.
19- self interest : it is a choice if you thing that choice is the best one available
for you .
Example : you who will decided to complete your education after the high
school either here or outside of kingdom.
20- Social interest : it is a choice if it leads to an outcome that is the best for
society as a whole.
Example : some of people will vote who will be the leader for them .
21- wages : payment for labor or services to a worker, especially remuneration
on an hourly , daily, or weekly basis or by the piece.
22- Production possibilities frontier ( PPF ) : is the boundary between those
combinations of goods and services that can be produced and those that
cannot.
23- Production efficiency : we achieve to it if we produce goods and services at
the lowest possible cost .
24- Allocative efficiency : when goods and services are produced at the lowest
possible cost and in the quantities that provide the greatest possible benefit.
25- Economic Growth : it is the expansion of production possibilities , and it is
increase our standard of living , but it doesn't overcome scarcity and avoid
opportunity cost.
26- Technological change : is the development of new goods and of beeter
ways of producing goods and services.
27- Capital accumulation : is the growth of capital resources, including human
capital .
28- Comparative advantage : a person who has it in an activity if that person
can perform the activity at a lower opportunity cost than anyone else.
29- Absolute advantage : a person who more productive than others , and it is
known in the international , if a country or firm has an absolute advantage if it
can produce a product ( goods of services ) more efficiently than others.
30- Firm : it is an economic unit that hires factors of production and organizes
those factors or produce and sell goods and services.
Examples of firms are : local gas station , Wal-Mart, and General Motors.
31- Market : is any arrangement that enables buyers and sellers to get
information and to do business with each other.
Examples : is the marker in which oil is bought and sold .
32. Money : is any commodity or token that is generally acceptable as a means
of payment .
33- Property rights : the social arrangements that govern the ownership, use
and disposal of anything that people value.
References :
1http://www.investorwords.com/2359/human_capital.html#ixzz2LjdcP9vN
2http://www.thefreedictionary.com/wage
3http://www.businessdictionary.com/definition/absolute-advantage.html
4- Text book.
5- Data resources
http://www.dotecon.com/links/economics/data.htm
6http://www.inomics.com/chi/econdir?exclude=htdigecondir&words=
microeconomics&method=and&sort=score