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Econ- section 1 > The Nature Of Economics > Flashcards

The Nature Of Economics Flashcards

1
Q

What is economics?

A

Econmics is the study of the Econmic problem know as scarcity, it fouces on using scare resources in the most effient manner to satisfy needs and wants.

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2
Q

What are the two branches of economic?

A

Micro and macro economics

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3
Q

What is micro economics ?

A

The study of the behavior, decision and choices of economic agents

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4
Q

What is macro económics?

A

The behavior of an economy as a whole

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5
Q

What are the 3 economic agents?

A

Firms
Households
Government

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6
Q

What is the role of firms?

A

To provided goods and services

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7
Q

What is the role of households?

A

They are owners of the factors of production and is also consumers

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8
Q

What is the role of the government?

A

To provide rules and regulations for the agents

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9
Q

What is opportunity cost?

A

The next best alternative for gone
Or
What is given up when a choice is made

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10
Q

What is money cost?

A

What is paid to produce a good or service

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11
Q

What is choice?

A

A range of options

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12
Q

What is a free good?

A

One that occurs naturally

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13
Q

What is an Economic good?

A

One which is produced using scarce resources?

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14
Q

What is input?

A

Resources used to create goods and services

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15
Q

Define Output

A

The quantity of goods or services produced in a given time period

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16
Q

What are the 4 basic needs?

A

Food
Shelter
Clothing
Air
Water

17
Q

This is where wants are unlimited and resources are Limited, what is this called?

A

Scarcity

18
Q

What is a PPC, production possibility curve?

A

This is a graph showing the combination of 2 goods than an economy is able to produce.

19
Q

There are 3 assumptions of the PPC, give 1?

A

The economy only produces 2 goods

20
Q

The statement (the amount of resources are fixed) is an?

A

Assumptions of the PPC

21
Q

There are 3 types of opportunity cost or PPCs what are they?

A

Increasing
Decreasing
Constant

22
Q

This is an example of which PPC?

An equal amount of good or units must be given up

A

Constant

23
Q

This is an example of which PPC?

To produce more and more of one good ,less and less of the other good must be given up

A

Decreasing

24
Q

This is an example of which PPC?

To produce more and more of one good ,more and more of the other good must be given up

A

Increasing

25
Q

If a point is over the boundary of the PPC it is known as?

A

Unattainable

26
Q

If a point in below the bonudary of the PPC it is?

A

Inefficient but attainable

27
Q

Economic growth
Discovery of new natural resources
Growth in population
Technological progress
Improvement in labour productivity

These are factors that cause the ppc to move………………………….?

A

Outward

Econ- section 1 (1 decks)

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