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Microeconomics

Midterm

TermDefinition
Economics The study of scarcity and choices
Scarcity Scarcity of resources (factors of production)
Factors of Production Land, Labor, Capital, Entrepreneurship
Land Nature
Labor Human labor
Capital Tools, equipment
Entrepreneurship Person with a good idea
Market Economy individuals and firms allocate resources (Australia)
Centrally Planned Economy Government decides allocation of resources (Cuba)
3 main questions in Economy What to produce? How to Produce? Who gets it?
3 Principles of Economics 1.) Society and individuals face trade-offs 2.) Opportunity costs - what you give up to get something (implicit and explicit) 3.) People respond to incentives
Positive Statement Can be rejected or accepted with data - how the world is (example "unemployment is 8%")
Normative Statement Cant be rejected or accepted with the data. It depends on values and judgement- how the world should be. (Example "unemployment is low"
Created by: 719996363
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