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Intro economics

Key terms in new economics LC course

Economics Is a social science
Social science Studies human behaviour in different conditions
Economics data Facts gathered for economic reference or analysis
Steps of gathering data Step 1=collect data Step2=organise data. Step3=present data. Step4= analysis data. Step 5=interpret data
Markets Markets exist where buyers and sellers exchange goods and services
What is the margin The margin is the change in a variable caused by an increase of one unit of another variable
Positive economics Economic analysis based on objective facts
Normative economics Judgment on what should occur/making statements
Opportunity cost buying one good/service but sacrificing the other one
Need Something we have to have eg. Food/water
Want Anything we don’t have to have but desire phone
Visual models Pictures of an abstract economy (graphs,curves) that tell an economic story
Mathematical models Equations with many economic variables
Created by: Jamesperlin



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