Introduction to economics
4.0(1)
Studied by 35 people
Learn
Practice Test
Spaced Repetition
Match
FlashcardsCard Sorting
1/8
Earn XP
Description and Tags
Study Analytics
Name | Mastery | Learn | Test | Matching | Spaced |
|---|
No study sessions yet.
9 Terms
1
New cards
Microeconomics:
A branch of economics which studies the behaviour of individuals and firms in particular markets
2
New cards
Macroeconomics:
A branch of economics which studies the behaviour of the government and the economy as a whole
3
New cards
What type of science is economics?
Social science - studies the behaviour of individuals and societies when allocating scarce resources to meet unlimited needs and wants
4
New cards
The basis of the study of economics:
microeconomics and macroeconomics
5
New cards
The nine central concepts of the economics course:
@@**W**@@ell-being
@@**I**@@nterdependence
@@**S**@@carcity
@@**E**@@fficiency
\
@@**Cho**@@ices
@@**I**@@ntervention
@@**C**@@hange
@@**E**@@quity
@@**S**@@ustainability
@@**I**@@nterdependence
@@**S**@@carcity
@@**E**@@fficiency
\
@@**Cho**@@ices
@@**I**@@ntervention
@@**C**@@hange
@@**E**@@quity
@@**S**@@ustainability
6
New cards
Define Factors of Production
refer to the resources required to produce goods and services
7
New cards
Factors of Production:
@@**C**@@**apital**
@@**E**@@**ntrepreneur**
@@**L**@@**and**
@@**L**@@**abour**
@@**E**@@**ntrepreneur**
@@**L**@@**and**
@@**L**@@**abour**
8
New cards
Define the factors of Production
Capital - man-made resources
Entrepreneur - the skill of organising the three other factors of production
Land - natural resources
Labour - human resources (workers)
Entrepreneur - the skill of organising the three other factors of production
Land - natural resources
Labour - human resources (workers)
9
New cards
Note 
Flashcards (30)