Chapter 1 Definitions of Economics.

marvin  bikaba
Flashcards by marvin bikaba, updated more than 1 year ago More Less
marvin  bikaba
Created by marvin bikaba about 2 years ago
4
0
0

Description

These flashcards feature the introductory definitions and terms in economics.
Tags

Resource summary

Question Answer
What is economics? Economics (image/jpeg) Study of choice and decision making in a world with limited resources
Demand Quantity of a good households are willing to buy in a market
Supply Quantity of a good firms are prepared to sell in a market
Microeconomics Microeconomics (image/jpeg) examines choices and behaviour individual consumers, firms, and markets in the economy
Macroeconomics examines the economy as a whole
Normative Statement A value judgment and or opinion that cannot be scientifically tested. Based on ones values
Positive Statement A statement that can be scientifically tested and possibly falsified
DEFRA as an acronym stands for? Department for Environment, Food and Rural Affairs (DEFRA)
What do economists do? - economist act as private consultant - central and local government
Show full summary Hide full summary

Similar

Using GoConqr to study Economics
Sarah Egan
Economics
Emily Fenton
Economics - unit 1
Amardeep Kumar
AN ECONOMIC OVERVIEW OF IRELAND AND THE WORLD 2015/16
John O'Driscoll
Functions of Money
hannahcollins030
Using GoConqr to teach Economics
Sarah Egan
Comparative advantage
jamesofili
GCSE - Introduction to Economics
James Dodd
PMP Formulas
Krunk!
Market & Technology Dynamics
Tris Stindt
Economic Growth
Maya Khangura