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Economics theme 1

This class was created by Brainscape user Samreen Abdulkarim. Visit their profile to learn more about the creator.

By: Samreen Abdulkarim
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Decks in this class (6)

1.1- NATURE OF ECONOMICS
What is ceteris paribus,
What is ceteris paribus,
Why do economists develop models
3  cards
1.1.2 - Positive and normative statements
What is a positive statement,
What is a normative statement,
What is the role of value judgements
3  cards
1.1.3 - The economic problem
What is scarcity,
What is the basic economic problem,
What are renewable resources
7  cards
1.1.4 - Production possibility frontier
What are consumer goods,
What is a ppf,
What are capital goods
4  cards
1.1.5 - Specialisation and division of labour
What is specialisation,
What is the division of labour,
What are the 4 functions of money
3  cards
1.1.6- free market, mixed + command economies
What is a free market economy,
What are the advantages of a free...,
What are the disadvantages of a f...
8  cards

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Economics theme 1

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