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Microeconomics - Basic Concepts Flashcards | StudBud

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Microeconomics - Basic Concepts

8 terms·StudBud Administration·38 plays

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Questions 8

Answers

1
Postive Economics is
The branch of economics that describes how things are
An economic Principle where All transactions =positive value
The branch of economics that describes how things should be
Undefined
2
Divison of Labor is the idea that...
That everyone should be given a destined job at birth
laborers should divide...only the winner will get a job
income level is contingent if you eat healthy or not
laborers should divide and specialize for efficiency
3
Factors of Production: The inputs used to produce final products includes...
capital - Manufactured goods used in the production process
Labor - work by people
Natural resources/land - any productive resource from nature
Human Capital - Abilities of workers from training
4
Economics is best described by...
study of satisfying unlimited wants with limited resources
study of your personal finances
study of satisfying limited wants with unlimited resources
study of how calculus is related to money
5
My favorite activities 1) read 2) quiz 3)partying --->I read, whats my opportunity Cost
Partying
Playing Kahoot and Partying
Playing Kahoot
Reading
6
Normative Economics
describes how things should be
um......pizzaz
is non-existant
describes how things are
7
Absolute Advantage is defined by
When you can produce a good with fewer resources than ...
Nothing... just the essence of space
When you produce a good with less opportunity cost than ...
The Denver Broncos (Super bowl 50 Champs _
8
A Production possibilities Curve...
shows how much I can produce of 2 goods
Shows how much I can consume
is Fake Newz
Shows how much I can produce of all goods