intro to economics

Question 1

economics

Answer 1

how society allocates scarce resources to sarisfy the most important wants and meeds

Question 2

why do we study it

Answer 2

bc resorces limeted

Question 3

oiknoma

Answer 3

household management

Question 4

why is econ important

Answer 4

1. strenghten economic freedom
2. promote economic efficiency
3. promote economic stability
4. promote economic security
5. attain high level of growth in the economy

Question 5

econ problems

Answer 5

what to produce?
2.how to produce?
3 for whom to produce?

Question 6

management and leader spin a household

Answer 6

1. Xenophon,: “Oeconomicus” management and leader spin a household

Question 7

specialization and division of labor

Answer 7

Plato:
‘The Republic” specialization and division of labor

Question 8

in individual action of usied wealth for economic dimensions

Answer 8

3. Aristotle:
   “‘Nichomachaen ethics”

Question 9

: accumulate wealth in form of bullion (silver + gold

Answer 9

Mercantilism

Question 10

: wealth solely derived from value of
“land agriculture”

Answer 10

Phusiocracy

Question 11

~ father of economics

Answer 11

Adam Smith~ father of economics

Question 12

behavior, market, individual

Answer 12

micro econ

Question 13

: whole country affected

Answer 13

macro econ

Question 14

explains subjestively, judgements

Answer 14

2. Normative

Question 15

1.: explains objectively, facts and cause feffect

Answer 15

Positive