Fundamentals of Economics

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Key terms and concepts

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Isabella Larsen

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Fundamentals of Economics


Fundamentals of EconomicsVersion en ligne Key terms and concepts par Isabella Larsen 1 Resource: anything used to produce an economic good or service. a Financial resource b A resource is only money c Resource: anything used to produce an economic good or service. d A resource is a product that is consumed immediately 2 Positive economics: the branch of economics that uses objective analysis to find out how the economy actually works. a Economics that ignores data and analysis b Normative economics: judging values in data c Positive economics: the branch of economics that uses objective analysis to find out how the economy actually works. d Economics that focuses on personal opinions 3 Normative economics: the branch of economics that applies value judgements to data in order to recommend actions or policies. The goal is to advise how things ought to be done. a Economics without any value judgments b Positive economics: objective analysis c Descriptive economics without policy advice d Normative economics: the branch of economics that applies value judgements to data in order to recommend actions or policies. The goal is to advise how things ought to be done. 4 Cost-benefit analysis: a way to compare the costs of an action with the benefits of that action; if benefits exceed costs, then the action is worth taking. a Market analysis: comparing supply and demand b Cost-benefit analysis: a way to compare the costs of an action with the benefits of that action; if benefits exceed costs, then the action is worth taking. c Risk assessment: only considers costs d Value analysis: ignores benefits 5 Margin: the border or outer edge of something. a Margin: the border or outer edge of something. b Core c Interior d Center 6 Market: an arrangement that brings buyers and sellers together to do business with each other. a Market: an arrangement that brings buyers and sellers together to do business with each other. b Monopoly: single seller dominates c Workshop: a place to learn skills d Factory: a large production site 7 The invisible hand: Adam Smith’s metaphor to explain how an individual’s pursuit of economic self-interest can promote the well-being of society as a whole. a The silent engine: government intervention guides markets b The visible foot: government planning for society c The hidden hand: random market forces without influence d The invisible hand: Adam Smith’s metaphor to explain how an individual’s pursuit of economic self-interest can promote the well-being of society as a whole. 8 Economic model: a simplified representation of reality that allows economists to focus on the effects of one change at a time. a Economic theory: a complex, exact replica of reality b Economic model: a simplified representation of reality that allows economists to focus on the effects of one change at a time. c Descriptive map: shows locations of markets d Price model: focuses only on prices 9 Rational-behavior model: the idea that people behave in ways that are based on reason and self-interest. a Habitual-behavior model: actions are never reasoned b Rational-behavior model: the idea that people behave in ways that are based on reason and self-interest. c Emotional-behavior model: decisions are driven by emotion only d Irrational-behavior model: people ignore reason

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Fundamentals of Economics

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Créé par

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Fundamentals of EconomicsVersion en ligne

par Isabella Larsen

Resource: anything used to produce an economic good or service.

Positive economics: the branch of economics that uses objective analysis to find out how the economy actually works.

Normative economics: the branch of economics that applies value judgements to data in order to recommend actions or policies. The goal is to advise how things ought to be done.

Cost-benefit analysis: a way to compare the costs of an action with the benefits of that action; if benefits exceed costs, then the action is worth taking.

Margin: the border or outer edge of something.

Market: an arrangement that brings buyers and sellers together to do business with each other.

The invisible hand: Adam Smith’s metaphor to explain how an individual’s pursuit of economic self-interest can promote the well-being of society as a whole.

Economic model: a simplified representation of reality that allows economists to focus on the effects of one change at a time.

Rational-behavior model: the idea that people behave in ways that are based on reason and self-interest.