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Intro economics

Key terms in new economics LC course

QuestionAnswer
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 eg.holiday/new 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
Popular Economics sets

 



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