Rationality Flashcards
1
Q
Economic welfare
A
The level of well being or prosperity or living standards of an individual or group
2
Q
Macroeconomics
A
The study of the economy as a whole
3
Q
Microeconomics
A
The study of the behaviour of individuals or groups typically within a market context
4
Q
Neo-classical theory
A
A theory of economics which typically starts with the assumption that economics agents act rationally
5
Q
Utility
A
The benefit or satisfaction derived from the consumption of a product to an economic unit
