Economics Flashcards

1
Q

It is an analysis that generates objective descriptions or predictions about the world that can be verified with data

A

Positive Economics

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

It prescribes what an individual or society ought to do

A

Normative Economics

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

It is the process of choosing the best option from a set of alternatives, given the available information

A

Optimization

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

A special situation where everyone is simultaneously optimizing, so that nobody will benefit personally by changing his or her behavior

A

Equilibrium

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

The analysis that is evidenced- based as it uses data to test theories and to determine what is causing things to happen in the world

A

Empericism

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

The study of how to allocate scarce resources and how the choices affect society

A

Economics

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

It refers to people who don’t contribute but still benefit from others actions

A

Free Riders

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

It is the value of all goods and services produced by the country by both domestic and foreign-owned companies

A

Gross Domestic Products (GDP)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q
A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly