click below
click below
Normal Size Small Size show me how
Economic 1
Eco Chap1
Question | Answer |
---|---|
Why study Ecoomics? 5 reasons | Because you have to, want to, because you want a better paying job, to do things to help others. |
Value Of a Degree | .6no HS 1.2mil HS Diploma 2.1 College 2.5 Masters 4.4 PH D/MD |
Economics | The study of how scarce resources are allocated among unlimited wants. |
Scarcity | the Shortage that exists when less of something is available than is wanted at a zero price. |
Factors of Production | i.e. resources, inputs |
Owner Land | includes all natural resources, such as minerals timber and water as well as the land itself. |
Labor | the physical, and intellectual services of people, including the training, education, and abilities of the individuals |
Capitol | products such as machinery and equipment that are used in production. |
"Economics is the study of how people choose to use their scarce resources to attemot to satisfy their unlimited | just a quote |
Rational Self Interest | People make choices at that tine and with the information that will gibe them the greatest satifaction. |
Positive analysis | analysis of what is |
Normative analysis | Opinion, an analysis of what ought to be. |
Microeconomics | The study of economics at the level of the individual. |
Macroeconomics | The study of the economy as a whole |
Normative analysis imposes the value judgments of one individual on the decisions of others. | True |
an economic good is scarce if it has a positive price? | True |
Rational self-interest in the same thing as selfishness. | Not True |
An economic bad is an item that has a positive price. | False |
A resource is an ingredient used to make factors of production. | True |