Scope
What is economics, and why is it considered a science?
Economics is the study of how people trade resources with each other. It's considered a science because it explores social science, humanities, and uses mathematical disciplines to understand human interactions and resource exchange.
Name one of the 5 perspectives of economics
Capitalism OR Socialism OR Communism OR Neoclassical OR keyanesian
Name three methods and tools that are frequently used within Economics
Quantitative Research
Qualitative Research
Mathematical Research
Name 1 of the Ethics subjects
Economics utility OR Economics Rationality OR Economics Methodological individualism
Define the term "market equilibrium."
Market equilibrium is the point where the quantity supplied equals the quantity demanded, resulting in a stable market price.
What is environmental economics?
Is the study of economic analysis related to environmental protection and use of natural resources.
How does the socialist perspective differ from the communist perspective?
The socialist perspective advocates for a mixed economy with some private ownership, while the communist perspective seeks a classless, stateless society with common ownership of the means of production.
43%, 55%, 2%
What is Economic Utility?
The utility of the economics refers to the usefulness or enjoyment consumers can get from a service or good.
Define the law of supply and demand.
The law of supply and demand states that the price of a good or service will adjust to bring the quantity supplied and the quantity demanded into balance.
What is a benefit of cultural economics?
Cultural tourism OR Influence promotions of economic activities for cultural industries like music, film, and performance arts OR Preservation of museum and heritage sites
State one of the key figures from the Neoclassical perspective and explain the perspective.
Alfred Marshall OR Leon Walras OR Vilfredo Pareto
- It emphasizes the role of supply and demand in determining prices and resource allocation. It believes in competitive markets and minimal government involvement.
What is Qualitative Research?
Within this type of research, it involves research data, from a non-numerical value. Examples of this would be interviews, focus groups, and observation
What is Economic Rationality?
the Rational part of Economics is an extension of the two ideals stated above. With knowledge relating to Utility and Methodological individualism, the rational part states how people would relatively create these ideas to support and optimize the Utility or the Motivational aspect that employees have
Explain what inflation is and how it affects prices.
Inflation is the sustained increase in the general price level of goods and services over time. It erodes the purchasing power of a currency, causing prices to rise, and can impact the cost of living
What are the 6 categories of human economics listed?
Name them.
Behavioural Economics
Ethical Economics
Feminist Economics
Human Development Economics
Environmental Economics
Cultural Economics
Which perspective includes a woman key figure?
Keynesian Perspective
What is Quantitative Research?
Within this research, it involves more of a controlled environment for data collection, which may include experiments and observation, however, it is recorded in numerical values and the questions are a lot more close-ended, meaning answers that limit the creativity of the human brain.
What is Ethical Methodological individualism?
This aspect specifically focuses on the motivation that employees have when working within their respective field.
What does GDP stand for, and why is it important?
GDP stands for Gross Domestic Product. It is a measure of the total economic output of a country and is important as it reflects the overall economic health, growth, and standard of living.
What are the applications of feminist economics? (3)
Gender Pay Gap
Unpaid care work recognition
Bringing awareness to economic exploitation and violence (ie. human trafficking)
Name 5 countries that follow the socialist economic perspective.
United States
Canada
Japan
United Kingdom
Germany
(other examples are acceptable)
Provides examples for Mathematical Research
optimization
Static/equilibrium analysis
What is an example of economic methodological individualism?
What is a budget, and why is it important for individuals and governments?
A budget is a financial plan that outlines expected income and expenditures over a specific period. For individuals, it helps manage money effectively. For governments, it allocates resources and sets priorities for public spending.