2016 CSEC Economics (Section 1 - Nature of Economics) Flashcards on Section 1 - Nature of Economics, created by Nikolas Reece on 20/04/2016.
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Created by Nikolas Reece
about 8 years ago
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Close
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Created by Nikolas Reece
about 8 years ago
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Economics
"Social Science"
Economics as a social science is concerned with the _________, __________ and ___________of goods and services
Economics is a social science concerned with the __________ of scarce resources and the creation of ______.
economy (economic system)
The two major branches of study of economics are:
macroeconomics
microeconomics
The three main economic agents are:
needs
wants
trade-offs
public goods
Free rider
merit goods
scarcity (the MAIN economic problem)
choice
opportunity cost
money (monetary) cost
factors of production
describe the production possibility frontier
attainable and efficient
attainable but inefficient
unattainable
factors that will cause outward shift
factors that will cause inward shift
describe the pivoted PPF
Factors affecting the economic decision of households
factors affecting the economic decision of firms
The Three types of opportunity cost are:
increasing opportunity cost (convex shape)
calculating increasing opportunity cost
describe decreasing opportunity cost (concave shape)
describe constant opportunity cost
The main economic objective of economic agents
Economic goals
resources
efficiency
