into to econ L1
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into to econ L1 - Leaderboard
into to econ L1 - Details
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13 questions
| 🇬🇧 | 🇬🇧 |
| What is economics | The study of how societies allocate scarce resources to satisfy unlimited wants |
| Macroeconomic | The branch of economics that deals with the structure, performance, behavior, and decision-making of the whole, or aggregate, economy |
| Microeconomics | The branch of economics that considers the behaviour of decision takers within the economy, such as individuals, households and firms |
| What is ceteris paribus | Holding other things constant or all other things to be equal |
| Whats a positive statement | Are testable, even if they may not necessarily be true. can be proven (will) |
| Whats a normative statement | Based on opinions or ethics—what someone believes should be. cant be proven (should) |
| Whats value judgement | Subjective moral beliefs |
| Factors of production | Land, labour, entrepreneur and capital |
| Examples of macroeconomic data in exams: | • Inflation • Unemployment • National income • Balance of payment statistics |
| Microeconomic examples | Data on output from a particular industry. • Price movements • Productivity levels |
| Money is not... | Capital |
| Whats opportunity cost | Fundamental concept that refers to the value of the next best alternative forgone. |
| What are free goods | A product is only free if all the resources required for its supply were free. |