intro to economics Flashcards
1
Q
what is economics
A
economics is a social science concerened with the production, distribution and cinsumption of goods and services
2
Q
define microeconomics
A
microeconomics is concerned with explaining the behaviour of individual consumers and producers
3
Q
define macroeconomics
A
micro economics is concerened with the whole economy and anylyses the busines cycle
4
Q
define postive economics
A
can be tested objectivly
can be tested using economic data
5
Q
define normative economics
A
involves value judgments
cannot be tested using economic data
