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Intro to Economics

QuestionAnswer
Economics is a social science because it studies some aspect of human behaviour. It studies the allocation of scarce resources which have alternative uses.
Scarcity when the needs and wants of a person exceed the resources available to that person. i.e people have unlimited wants but resources are limited.
Needs is immediate which we need to survive. e.g. food, water, shelter.
Wants is anything in excess of needs which is not necessary for our survival. EXAMPLES
Opportunity Cost is the cost of foregone alternatives(choice). The OC of an item is defined as the alternatives that must be done without in order to have that item. We refer to the item we do NOT buy as the oc.It involves making a choice. EXAMPLE
Markets is where buyers and sellers meet. It can be a physical place like a car boot sale in your area or it can be virtual e.g Donedeal
Factor Markets are markets in which the FOP are bought and sold.
Intermediate Markets deal with partly finished goods. People either buy goods to sell them on to someone else at a profit, who will then make them ready for sale or they can add value themselves to sell at a greater price.
Final Markets involve the buying and selling of finished goods.
Income People work so that they receive an income. This income is a flow of wealth because it is received regularly for providing a FOP. EXAMPLE
Wealth is the total value of ALL assets both tangible and intangible owned by an individual or group. of people
Welfare is the overall condition of well-being of an indivdual or group of people. It includes an individual's moral, psychological and material well-being.
Microeconomics studies how an indivdual producer i.e. one firm and a consumer make decisions and attempt to solve their economic problems
Macroeconomics studies decision making process of governments. It deals with aggregate (totals) in an economy.
Created by: cmcgrath
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