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11 Cards in this Set
- Front
- Back
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comparativ advantage
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specialize in what youRELATIVELY DO BEST
*** lower opportunity cost |
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absolute advantage
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one person does something "best" more efficiently
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ceteris paribus assumption
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nothing changes except the factor being studied
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factors of production
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land
labor capital human capital entrepreurship |
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aggregate
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total amount of quanity
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damand
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how many people wish to buy that good
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supply
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how many of a certain good or service are available for people to purchase
supply increase --> $ increase supply decrease --> $$ decrease |
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5 main concepts
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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) |
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scarcity
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the reason for economics -- resoiurces are limited as wants and needs are unlimited
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key questions
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who gets what is produced
what is produced how is it produced |
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economics
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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 |
