What is Economics?
This is the study of how humans make decisions in the face of scarcity.
What is economics?
This focuses on the actions of individual agents within the economy, like households, workers, and businesses.
What is microeconomics?
This is a simplified representation of how 2 or more variables interact with each other.
What is a theory?
This is used in parts of Asia, Africa, and South America.
What is the traditional economy?
$100.00 divided by $5.00 = this amount of money.
What is $20.00?
This means that human wants for goods, services, and resources exceed what is available.
What is scarcity?
This looks at the economy as a whole.
What is macroeconomics?
Sometimes economists use this term instead of theory.
What is model?
In this, economic effort is devoted to goals passed down from a ruler or ruling class.
What is a command economy?
$200.00 divided by $5.00 = this amount of money.
What is $40.00?
This means that the way one produces a good or service is divided into a number of tasks that different workers perform, instead of all the tasks being done by the same person.
What is division of labor?
This involves policies that affect bank lending, interest rates, and financial capital markets.
What is monetary policy?
A good model to start with in economics is this.
What is the circular flow diagram?
This is an institution that brings together buyers and sellers of goods or services, who may be either individuals or businesses.
What is a market?
$300.00 divided by $5.00 = this amount of money.
What is $60.00?
This allows workers to focus on the parts of the production process where they have an advantage.
What is specialization?
This involves government spending and taxes.
What is fiscal policy?
This is a type of market in which firms sell and households buy.
What is the goods and services market?
In this, decision-making is decentralized.
What is a market economy?
$400.00 divided by $5.00 = this amount of money.
What is $80.00?
This means that for many goods, as the level of production increases, the average cost of producing each individual unit declines.
What are economies of scale?
What are monetary policy and fiscal policy?
This is a type of market in which households sell labor to business firms or other employees.
What is the labor market?
These places supply goods and services based on demand.
What are businesses?
$500.00 divided by $5.00 = this amount of money.
What is $100.00?