Edited, memorised or added to reading list

on 15-Sep-2019 (Sun)

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Flashcard 4384583453964

Question
The study of how households + firms make decisions to interact in markets
Answer
Micro economics:


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Flashcard 4384584502540

Question
The study of economy-wide phenomenon e.g.: Inflation, un em p loyment, economic growth
Answer
Macro economics:


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Flashcard 4384585551116

Question
What is Economics?
Answer
Economics is the study of ho w so ciet y manages its sca rce resources to satisfy unlimited wants


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Flashcard 4384586599692

Question
Basic economic concepts
Answer

Resources: Factors of production such as land, l a bour, and capital.

Scarcity: Society has less to o↵er than people wish to have Society has limited resources, people face tradeo↵s(make decisions)

Economics = Science of choices


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Flashcard 4388696231180

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#ECO
Question
Different decision criteria
Answer

Efficiency:

1 Get the most out of so ciet y’s sca rce resources

2 Equity/fairness: Distr i but in g resources fairly among members of society Note: The two goals usually conflict with each other ex.: High income tax (higher marginal rate as income rises)


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Flashcard 4388698852620

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#ECO
Question
What is the Purpose: of different decision criteria?
Answer

Equity: T o redistribute wealth from the rich to the poor \

But people will have less incentive to w o r k

– not working to their full potential Underutilization of human resources

- Inefficient use of resources Goals of efficiency and equity clearly conflict with one another


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Flashcard 4388700687628

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#ECO
Question
Economists use _____ to describe how an economy works
Answer
models


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Flashcard 4388702522636

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#ECO
Question
What is the Scientific approach?
Answer
Phenomenon -> Theory -> Hypotheses -> Observations -> Verification (rejection)


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Flashcard 4388704357644

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#ECO
Question

The next best alternative forgone (given up) in order to obtain a certain good or service

or

The OC of using resource s for a certain purpose i s the benefit given up by not using them in the best alternative way.

Answer
Opportunity cost:


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Flashcard 4388706192652

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#ECO
Question
______ Examples: You win $10,000 at the lottery . T ake a minute to think what y ou w ould do with the money ... What happens if consumption fuels spending desires b eyond... Tradeoffs
Answer
Opportunity costs


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