Flashcards
Chapter 1 Definitions of Economics.
Cards in this deck (9)
- 1What is economics?Study of choice and decision making in a world with limited resources
- 2DemandQuantity of a good households are willing to buy in a market
- 3SupplyQuantity of a good firms are prepared to sell in a market
- 4Microeconomicsexamines choices and behaviour individual consumers, firms, and markets in the economy
- 5Macroeconomicsexamines the economy as a whole
- 6Normative StatementA value judgment and or opinion that cannot be scientifically tested. Based on ones values
- 7Positive StatementA statement that can be scientifically tested and possibly falsified
- 8DEFRA as an acronym stands for?Department for Environment, Food and Rural Affairs (DEFRA)
- 9What do economists do?- economist act as private consultant
- central and local government
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- Description
- These flashcards feature the introductory definitions and terms in economics.
- Created by
- marvin bikaba
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