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MicroEcon | 1.1
| Question | Answer |
|---|---|
| The word economy comes from the Greek word | oikonomos |
| The word economy comes from the Greek word oikonomos, which means | “one who manages a household”. |
| Households and economies | Households and economies have much in common. |
| Households and economies have much in common. The management of society’s resources us important because resources are | scarce |
| When thinking about the economy, it is often helpful to consider | decision making within a family. |
| means that human wants for goods, services and resources exceed what is available. | Scarcity |
| Economics is broken down into two areas: | Microeconomics & Macroeconomics |
| focuses on the actions of individual agents within the economy like households, workers, and businesses. | Microeconomics |
| looks at the whole economy; focuses on broad issues such as growth of production, the number of unemployed people, the inflationary increase in prices, government deficits, and levels of exports and imports. | Macroeconomics |
| Economics is the study of how society manages its scarce resources. | #People make decisions #People interact with each other. #Their actions affect the economy as a whole |
| Economic resources: | # Land #Labor #Capital #Entrepreneurship |
| natural resources, the “free gifts of nature” | Land |
| the contribution of human beings | Labor |
| plant, tools and equipment (this differs from “financial capital”) | Capital |
| entrepreneurial ability | Entrepreneurship |
Created by:
Zia09