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Intro to Econ & PPC

QuestionAnswer
Economics Economics is the study of choices.
Scarcity Unlimited wants but limited resources
MICROeconomics The study of economics on a small scale. (Ex: Supply & Deman in SPECIFIC markets, production costs, etc.)
MACROeconomics The study of economics on a large scale. (Ex: Economic growth, government spending, inflation, unemployment, etc.)
5 key Assumptions of Economics 1) Scarcity exists 2) Every choice has a trade-off 3) Everyone is self interested 4) Everyone makes decisions by comparing the marginal costs/benefits of every choice 5) Real-life situations can be explained and analyzed through graphs.
Price vs. Cost Price: Amount customers pay Cost: Amount seller pays to produce a good
Investment The money spent by businesses to improve their production.
4 Factors of Production 1) Land: All natural resources you need to produce 2) Labor: Effort devoted to being paid for 3) Capital: resource/tool (physical) 4) Entrepeneurship: Ambitious leaders that combine the other factors of production to create goods & services.
Human Capitol Any skill gained through education and experience.
Three Benefits of trade 1) Trade makes people better off when preferences differ. 2) Trade increases productivity through specialization & the division of knowledge. 3) Trade increases productivity through specialization according to comparative knowledge.
Globalization The world (as a whole) can be more specialized, meaning that our "world knowledge" increases.
Created by: chianti
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