Introduction to Economics
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| Scarcity | show 🗑
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| show | the study of the choices people make to attain their goals, given their scarce resources.
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| Market | show 🗑
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| Market Analysis | show 🗑
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| show | the study of how households (families that live in houses) and firms (companies) make choices, how they interact in markets, and how the government attempts to influence their choices.
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| Macroeconomics | show 🗑
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| Economic Models | show 🗑
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| show | the highest-valued alternative that must be given up to engage in an activity.
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| Trade-off | show 🗑
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| Three fundamental questions: | show 🗑
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| show | consumers have to do the best with what they have.
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| Constrained Optimisation: Consumers | show 🗑
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| show | maximize their utility (make themselves as happy / content as possible) based on their limited financial budget.
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| show | companies (also known as firms or businesses), want to maximize profits.
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| Profit | show 🗑
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| Producers make decisions based on | show 🗑
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| Factors of Production | show 🗑
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| show | the situation in which a good or service is produced at the lowest possible cost.
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| show | a good or service's marginal benefit is equal to its marginal cost.
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| show | the situation that occurs in markets when both the buyer and seller of a product are made better off by the transaction.
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| show | the fair distribution of economic benefits.
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| show | economic statements explain economic facts i.e. average income in the UAE is AED 26,000 per month.
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| Normative statements | show 🗑
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| show | an economy in which the government decides how economic resources will be allocated i.e. North Korea
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| show | an economy in which the decisions of households and firms interacting in markets allocate economic resources. Only really exists in theory, however the USA comes close.
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| show | an economy in which most economic decisions result from the interaction of buyers and sellers in markets but in which the government plays a significant role in the allocation of resources.
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| show | person who sets up a business or businesses, taking on financial risks in the hope of profit.
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| Innovation | show 🗑
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| Technology | show 🗑
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| Firm, company, or business | show 🗑
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| show | goods we can see, touch also called tangible goods.
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| Services | show 🗑
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| show | payments received by businesses from selling goods and services.
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| Household | show 🗑
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| Consumer | show 🗑
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| show | natural resources, i.e trees, ocean, fertile land, minerals, sunshine
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| Labour | show 🗑
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| Capital | show 🗑
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| Enterprise | show 🗑
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| Human Capital | show 🗑
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
carolynjm
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