The Scope and Method of Microeconomics

Question 1

What does “scope” mean in Turkish?

Answer 1

Kapsam

Question 2

What two things do economics and housework have in common?

Answer 2

-both have a limited amount of resources
-both must work on meeting the (unlimited) wants of its members

Question 3

What does “scarce” mean?

Answer 3

rare, not available in large amounts

Question 4

What’s difference between economy and economics

Answer 4

Economy:
1. all economic activities that take place every day
2. system of economic activities in a region, country, etc “the Soviet economy”)
Economics: a social science studying the decisions of economic agents
concerning the production and consumption of goods and

Question 5

What are the areas of interest for microeconomics and macroeconomics?

Answer 5

microe. is the study of how individual
economics agents (like households and firms) make decisions and how they interact in markets
macroe. is the study of economy-wide
phenomena, including inflation, unemployment and economic growth.

Question 6

What is the meaning of firm esp. in eco.?

Answer 6

a company that sells goods and services

Question 7

What is the meaning of remarkable?

Answer 7

very unusual and noticeable in a way that you admire

Question 8

Landmark?

Answer 8

Dönüm noktası

Question 9

spouse

Answer 9

eş, karı, koca

Question 10

Can you tell us how positive economy is defined?

Answer 10

An approach to economics that
seeks to understand behavior and the operation of systems without making judgments. It describes what exists and how it works.

Question 11

Can you tell us how normative economy is defined?

Answer 11

An approach to economics that analyzes outcomes of economic behavior, evaluates them as good or bad, and may prescribe courses of action. Also called policy economics

Question 12

allocation

Answer 12

tahsisat, ödenek

Question 13

prescribe

Answer 13

to advise or order (the use of)

Question 14

What questions need to be answered when addressing resources, production of goods and services, and distribution of products?

Answer 14

Resources
1. What (and how much) shall we produce with
these resources?
Production of goods and services
2. Which combination of resources should be used
when producing these goods and services?
Allocation of the products
3. How will we distribute the output

Question 15

How many economic systems are there?

Answer 15

3. first one is command eco
4. market economy
5. mixed economy

Question 16

efficiency

Answer 16

: getting the most we can out of scarce resources
(“most” to be defined)
(refers to the size of the cake)

Question 17

equity

Answer 17

the situation when everyone is treated fairly and equally

Question 18

presume

Answer 18

varsaymak

Question 19

can you give some examples of eco models

Answer 19

mathematical, graphical, descriptive

Question 20

trade-off

Answer 20

a situation where you accept something bad in order to have something good

Question 21

opportunity cost ne demek

Answer 21

The best alternative that we forgo, or give up, when we make a choice or a decision is called the opportunity cost of that decision.

Question 22

Marginalism nedir

Answer 22

The process of analyzing the additional or incremental costs or benefits arising from a choice or decision.

Question 23

incentive

Answer 23

something that encourages you to act in a particular way
teşvik, özendirme

Question 24

free trade

Answer 24

serbest ticaret

Question 25

constraint

Answer 25

sınırlama

Question 26

what is the difference between comparative and absolute advantage?

Answer 26

Karşılaştırmalı üstünlük, üretimi sizin ve diğer kişinin maruz kaldığı fırsat maliyetlerine göre ölçmek etrafında dönerken, mutlak avantaj, girdi birimi başına üretimle ilgilidir.

Question 27

what is ceteris paribus

Answer 27

: the assumption of “holding other
factors constant”