• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

Card Range To Study

through

image

Play button

image

Play button

image

Progress

1/14

Click to flip

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;

14 Cards in this Set

  • Front
  • Back
Economics
Economics is a social science. It focuses on people in society and how they interact economics is the study of rationing systems and how scarce resources are allocated to fulfill the infinite wants of consumers
physiocrats
group of economic theorists that are concerned with the processes of the physical geography and the economy of 18th century France
laissez faire
just let it be, and it will develop in its own way
positive economics
based on the analysis of factual information. Also called analytical economics
normative economics
based on expression of opinions that reflect values and beliefs. Also known as policy economics
descriptive statements
factual observations that can be verified or confirmed
Conditional statements
forecasts based on identified behaviour patterns a d assumptions regarding whether these patterns will continue of change. Can be confirmed or refuted by continued observation and analysis.
endogenous variable
value determined within a model
exogenous variable
value is predetermined
production possibility curve
represents all production points resulting from full use of resources
production possibility point
represents a combination of goods or services that economy can produce
market mechanism
the network of markets and prices found in most western countries
consumer sovereignty
consumer decide what to buy and hence what is produced in the economy
producer sovereignty
producers decide what to produce and then convince consumers to buy it