Economics : micro : Chapter 1

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  • Created by: cbloomer
  • Created on: 31-05-20 18:02
Ceteris Paribus
Meaning 'all other things remains unchanged'. When one element of a model changes and the other elements are held constant.
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An economy
Made up of producers, consumers, employees and goverments.
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What is the central purpose of an economic activity?
Is the production of goods and services to satisfy people's needs and wants.
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Open economy
Is one that trades with other countries. The more open it is, the more trade it does abroad.
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Normative economics
Involves value judgements. A view or opinion.
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Positive economics
Involves testable theories. A statement that can be tested and chosen right OR wrong
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Other cards in this set

Card 2

Front

An economy

Back

Made up of producers, consumers, employees and goverments.

Card 3

Front

What is the central purpose of an economic activity?

Back

Preview of the front of card 3

Card 4

Front

Open economy

Back

Preview of the front of card 4

Card 5

Front

Normative economics

Back

Preview of the front of card 5
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