11042860
Descrição
FlashCards por marvin bikaba, atualizado more than 1 year ago
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Criado por marvin bikaba
mais de 6 anos atrás
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| Questão | Responda |
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What is economics?
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Economics (image/jpeg)
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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 |
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Microeconomics
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Microeconomics (image/jpeg)
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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 |
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