Economics - Defintions

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  • Created by: kau0004
  • Created on: 04-02-14 22:35
ECONOMICS
Is the study of how we use our scarce resources to satisfy our needs and wants, and maximize the living standards of society.
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MICROECONOMICS
A branch of economics looking at the small segments of our economy, such as particular firms, industries, and markets.
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MACROECONOMICS
A wholeistic look at the economy and the larger flows affecting overall economic conditions, such as national spending, production, unemployment and inflation rate
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RELATIVE SCARCITY
The basic economic problem whereby we have unlimited needs + wants, however very limited resources to satisfy them.
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OPPORTUNITY COST
The value of the next best option that was forgone
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LIVING STANDARDS
How well of our nation is overall, our overall level of wellbeing
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MATERIALISTIC LIVING STANDARDS
Overall level of economic wellbeing: Income - Access to G + S
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NON-MATERIAL LIVING STANDARDS
Overall level of human wellbeing + happiness: -Sense of purpose - Environment - Leisure time - War/corruption
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Other cards in this set

Card 2

Front

A branch of economics looking at the small segments of our economy, such as particular firms, industries, and markets.

Back

MICROECONOMICS

Card 3

Front

A wholeistic look at the economy and the larger flows affecting overall economic conditions, such as national spending, production, unemployment and inflation rate

Back

Preview of the back of card 3

Card 4

Front

The basic economic problem whereby we have unlimited needs + wants, however very limited resources to satisfy them.

Back

Preview of the back of card 4

Card 5

Front

The value of the next best option that was forgone

Back

Preview of the back of card 5
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