Offical Final economics

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10 Terms

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Keys to thinking like an economist

  1. People are rational

  2. People respond to Incentives

  3. Marginal Analysis

  4. Opportunity Analysis

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Normative Economics

Imposes a value judgement “ what ought to be”

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Positive Economics

Studies economic behavior without making judgement

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Economic system

System in which society allocates scarce resources to satisfy its wants

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The three economic questions

  • what goods and services will be produced

  • how will the goods and services be produced

  • Who will recieve them

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Centrally Planned Economy

An economy which the government is directly or indirectly gets to decide how economic resources will be allocated

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Market Economy

Mixed economy, based on households and firms interacting in markets allocate economic resources

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Mixed System

An economy which most economic decisions result from interaction of buyers and sellers in markets but the government plays a significant role in allocation of resources

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Slope of PPF

y / x

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