Flashcards on the basic principles of economics for South African students. (Made with love by a South African ECON1016 student at Wits University in 2015)
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Created by BryanTurner
about 9 years ago
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What is economics?
When would a resource be scarce?
Define the "Fallacy of Composition"
Define the "Post-Hoc Fallacy"
What is an opportunity cost?
What's the difference between an explicit and an implicit opportunity cost?
Define an 'economic crisis' for a country.
What is income distribution?
The Law of Diminishing Marginal Returns
Production Possibility Frontier (PPF)
Define production efficiency
What's the difference between comparative and absolute advantage?
Define 'the market'
What are the differences between command and free-market economy?
What's the difference between positive and normative economics?
What's the difference between macroeconomics and microeconomics?
Define Gross Domestic Product (GDP)
Define Aggregate Price Level
Define 'Unemployment Rate'
