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3 Cards in this Set

  • Front
  • Back

Define economics.

What do u mean by scarcity?

What are trade offs and how are they resolved?

What leads to trade off??

Define opportunity cost.

What do u understand by term rational choices/consumers

Societiesmake choices under condition of scarcity.

Scarcity refers to limited resources to produce all good and services to fulfill all wants.

Trade offs refers to 3 economic proband are solved by market.

Scarcity of resources

Oc is cost of next best alternative forgone

Provides an ans to trdeoffs .Benefits is greater than cost for a rational consumer.

Absolute and comparative adv.

Role of market

Types of economy and wht do u mean by invisible hand.

Positive and normative economics

Tools of economic analysis

What are models and theories??

Use of data

Types of economic data

Abs. Adv means thtvoersin has is lowest cost producer of that good. An indiv. has comp. adv compared to another in prod of good if she has a lower oc in producing it.

Markets bring buyers and sellers og good and services. prices are determined in market and problem of trade offs are resolved are in market.

Command economy, free market economy, planned economy.

Invisible hand- indiv. pursuing their own int would be led by invi. hand to do things that are in int. of society as whole.

Pos is based on facts and nor is based on value judgements.

Model & theories and data.

Model or theory gives framework to organise how we think or react to a problem and it simplifies reality making assumptions.

Data quantifies information & is used to test model.

Time series- measuring same variable at different points of time.

Cross section data - records how eco variables differ across different indiv or group of individual at a point of time.

Panel data- records obs. over period of time for same individual or group of individual.

What do u mean by index no.?

What do u mean by consumer price index.?

What are real and nominal variables?.

Expresses data relative to a given base value.

Cpi measures change in costvof living by looking at the cost of standard 'shopping basket' of goods.

Real values adjust nominal values for change in price level.

Nominal values are measured in the prices ruling at the time of measurement (current yr).