1 Meaning of Economics

Question 1

how society allocates resources to satisfy the wants and needs of the people

Answer 1

economics

Question 2

“household management” in Greek

Answer 2

oikonomia

Question 3

freedom to own properties, have any job, et al

Answer 3

economic freedom

Question 4

make more products with less resources

Answer 4

economic efficiency

Question 5

minimal fluctuation in price

Answer 5

economic stability

Question 6

have money and jobs suitable to the skills of the people

Answer 6

economic security

Question 7

for the economy/GDP to rise

Answer 7

high level of growth in the economy

Question 8

3 fundamental questions in economics

Answer 8

what to produce? how to produce? for whom to produce?

Question 9

what type of science is economics?

Answer 9

social science

Question 10

economics analyzing individual behavior

Answer 10

microeconomics

Question 11

market (between buyers and sellers) is the central idea

Answer 11

microeconomics

Question 12

supply and demand, market equilibrium, market structures

Answer 12

microeconomics

Question 13

economics analyzing WHOLE economy

Answer 13

macroeconomics

Question 14

examine aggregate prices and production

Answer 14

macroeconomics

Question 15

national income and output, unemployment, inflation, monetary and fiscal policies

Answer 15

macroeconomics

Question 16

subjective; opinionated on what should be done

Answer 16

normative economics

Question 17

value-laden statements, expressing value and judgement

Answer 17

normative economics

Question 18

although involving facts, proving and disproving it is hard

Answer 18

normative economics

Question 19

uses various concepts and ideas, objective and factual

Answer 19

positive economics

Question 20

doesn’t offer opinions or solution, sometimes involves cause and effect

Answer 20

positive economics

Question 21

easier to disprove with the scientific method

Answer 21

positive economics