Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
9 Cards in this Set
- Front
- Back
|
What is economics? |
Economics is a social science. Examine how scarce resources are used ti satisfy the needs and wants of mankind |
|
|
Define Economics |
Study of production,distribution and consumption of goods/services by society |
|
|
Scarcity |
Needs and wants of person exceed the resources available to that person |
|
|
Opportunity Cost |
Opportunity cost of an item as the must be done without in order to have an item e.g having 5 euro and biscuits cost 3 euro and a roll is 4 euro, one has to choose either one, the good NOT chosen is called the opportunity cost. |
|
|
Economic laws |
are statements that are generally true, even though don't always apply |
|
|
A normative statement |
expression of an opinion about what 'ought to be'
|
|
|
Positive statement |
we mean something that can be shown to be true or false - by observing events in the real world |
|
|
Macroeconomics |
part of the subject that studies the decision making process if government in areas like income, employment, inflation, international trade and growth |
|
|
Microeconomics |
The part of the subject that studies the decision making process of small units in the economy, such as individual producers and individual consumers. |
