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Economics 1.1 - Nature of Economics

This class was created by Brainscape user Bethany Demenis. Visit their profile to learn more about the creator.

By: Bethany Demenis
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Decks in this class (7)

1.1 Nature of Economics - Basic Concepts/Definitions
Scarcity,
Factor of production fop,
Capital goods
27  cards
1.1.1 - economics as a social science
How do economists try to understa...,
Why do economists have to make as...,
Which term means to hold things c...
6  cards
1.1.2 - positive and normative statements
Positive statement,
Normative statement
2  cards
1.1.3 the economic problem
What are the 4 factors of production,
What is the definition of land an...,
What is the definition of labour ...
11  cards
1.1.4 - the PPF
What is a ppf,
What are the assumptions of the ppf,
How can you calculate opportunity...
12  cards
1.1.5 - specialisation and division of labour
What is specialisation,
How does specialisation increase ...,
What are the advantages of specia...
6  cards
1.1.6 - types of economy
What is a command economy,
What is a free market economy,
What is a mixed economy
12  cards

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Economics 1.1 - Nature of Economics

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