Summary: Economics And Business
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Read the summary and the most important questions on economics and business
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1 understand basic economic concepts and apply them to business and policy decisions
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1.1 Chapter 1
This is a preview. There are 13 more flashcards available for chapter 1.1
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what is an economic agent?
Is an individual or a group that makes choices. An economic agent can also be a government, a firm ,a university,... -
What are scare resources?
Scare resources are things that people want, where the quantity that people want exceeds the quantity that is available. -
Why scarcity exists?
Scarsità exists because people have unlimited wants in a world of limited resources -
What positive economics describes?
Positive economics describes what people actually do, objective statement about the world , statement that can be confirmed by the data -
What normative economic describes/do?
Normative economics advices individuals and society on their choices. Normative economics is almost always dependent on subjective judgement, depends at least in part on personal feeling, tastes or opinions -
What are the three principles of economics?
Optimisation, equilibrium and empiricism -
What is feasibility in optimisation based on?
Based on constraints -
What is the opportunity cost in optimisation?
Opportunity cost is the best alternative use of resource -
When an economic agent faces a trade-off?
An economic agent faces a trade-off when the agent needs to give up one thing to get something else -
What is a budget constraint?
Budget constraint is the set of thing that a person can choose to do (or buy) without breaking her budget
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