intro to economics Flashcards

1
Q

economics

A

how society allocates scarce resources to sarisfy the most important wants and meeds

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2
Q

why do we study it

A

bc resorces limeted

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3
Q

oiknoma

A

household management

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4
Q

why is econ important

A
  1. strenghten economic freedom
  2. promote economic efficiency
  3. promote economic stability
  4. promote economic security
  5. attain high level of growth in the economy
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5
Q

econ problems

A

what to produce?
2.how to produce?
3 for whom to produce?

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6
Q

management and leader spin a household

A
  1. Xenophon,: “Oeconomicus” management and leader spin a household
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7
Q

specialization and division of labor

A

Plato:
‘The Republic” specialization and division of labor

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8
Q

in individual action of usied wealth for economic dimensions

A
  1. Aristotle:
    “‘Nichomachaen ethics”
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9
Q

: accumulate wealth in form of bullion (silver + gold

A

Mercantilism

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10
Q

: wealth solely derived from value of
“land agriculture”

A

Phusiocracy

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11
Q

~ father of economics

A

Adam Smith~ father of economics

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12
Q

behavior, market, individual

A

micro econ

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13
Q

: whole country affected

A

macro econ

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14
Q

explains subjestively, judgements

A
  1. Normative
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15
Q

1.: explains objectively, facts and cause feffect

A

Positive

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