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ECS1501 - Economics 1

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

By: Sean Talbot
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Decks in this class (4)

CH 01: The Study Field of Economics
After you have worked through the learning unit, you should be able to • explain the economic problem of scarcity • explain the meaning of unlimited needs and wants and scarce resources • distinguish between scarce goods and free goods • explain the three fundamental questions • describe and distinguish between the factors of production and give examples of each • explain the concept opportunity cost
4  cards
CH 02: The Economists' Tool Kit
After you have worked through this learning unit, you should be able to • explain how economists test hypotheses, develop economic theories, and use models in their analyses. • explain how the all-other-things unchanged (ceteris paribus) problem and the fallacy of false cause affect the testing of economic hypotheses and how economists try to overcome these problems. • distinguish between normative and positive statements. • distinguish between microeconomics and macroeconomics
5  cards
CH 03: Economic Systems
After you have worked through this learning unit, you should be able to: • describe the main features of the different economic systems and identify the strengths and weaknesses of the different economic systems • distinguish between different property rights systems
3  cards
CH 04: Production possibilities curve
• scarcity • choice • inefficiency • efficiency • opportunity cost • increasing opportunity cost • change in production capacity • impact of investment
7  cards

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ECS1501 - Economics 1

  • Class purpose General learning

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ECS1501 - The study field of economics
  • 3 decks
  • 27 flashcards
  • 1 learners
Decks: Topic 1 11 The Economic Problem Of Scarc, 14 The Three Fundamental Questions, 15 Factors Of Production Natural Resourc, And more!
ECS1501
  • 9 decks
  • 121 flashcards
  • 10 learners
Decks: Study Field Of Economics, Economists Tool Kit, Economic Systems, And more!
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