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Econ Section 1

QuestionAnswer
Outline of modern economics apparent in what book? What year was it published? Adam smith's "An Inquiry into the Nature and Causes of the Wealth of Nations" 1776
How many products does the average supermarket carry? 31,530 different items
Study of how individuals make choices about how to allocate scarce resources in order to satisfy unlimited humans wants + how individuals interact with eachother Economics
An inescapable fact of human existence (everything is limited) Scarcity
Every choice we make requires us to give up something in return Trade off
The term for what you give up in order to attain something else Opportunity cost
People make decisions by comparing benefits of each action w/ opportunity cost and choose the one with the greatest benefits. Rationality
Uses tools of economic analysis to describe and explain phenomena, and make predictions about what will happen under certain circumstances. (Identifies cause and effect) (value free) FACT BASED Positive economics
Use of economic analysis to guide decisions on what SHOULD be as opposed to what IS the case. (value judgements) OPINION BASED/SUBJECTIVE Normative economics
Criterion that says "it was efficient if there was no way to improve at least one person's well being without reducing another". Who was it named after (and what yrs was he alive)? Pareto efficiency - Vilfredo Pareto (1848-1923) - Italian - First to make use of the concept and apply it was Vilfredo
Created by: Riri:>
 

 



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