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11 Cards in this Set

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comparativ advantage
specialize in what youRELATIVELY DO BEST

*** lower opportunity cost
absolute advantage
one person does something "best" more efficiently
ceteris paribus assumption
nothing changes except the factor being studied
factors of production
land
labor
capital
human capital
entrepreurship
aggregate
total amount of quanity
damand
how many people wish to buy that good
supply
how many of a certain good or service are available for people to purchase
supply increase --> $ increase
supply decrease --> $$ decrease
5 main concepts
1) scarcity
2) nothing is free
3) factors of production
4) 3 basic question? [who?what?how?]
5) score of economics ( predict descibe analyze explain)
scarcity
the reason for economics -- resoiurces are limited as wants and needs are unlimited
key questions
who gets what is produced
what is produced
how is it produced
economics
THE STUDY OF HOW INDIVIDULAS AND SOCIETY CHOOSE TO USE THE SCARCE RESOURCES THE NATURE AND PREVIOUS LOCATIONS HAVE PROVIDED
the study of how scare resources are allocated amoung competing uses