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Economic 1

Eco Chap1

QuestionAnswer
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
Created by: paulstpete