問題一覧
1
What can we assume rational customers want to maximise
satisfaction/utility
2
What is ceterius paribis
situation where all other factors remain unchanged
3
What can we assume producers/firms want to maximise
profits
4
Instead of calculating rational decisions for each problem what do people use instead
Heuristics
5
What are the leakages
imports, savings, tax
6
What are the injections
Exports, Government expenditure, Investments
7
What are consumer non-durables
products which are used up in the act of consumption
8
What’s income
y=c+g+i+x, y=c+m+s+t
9
What are free goods
goods that have zero opportunity cost
10
Why is opportunity cost important to consumers
because they want to maximise utility and spend the least possible
11
What are the Four Factors of Production
Land, Labour, Enetrprise, Capital goods
12
What are the costs of productions
Rent, Wages, Profit, Interest
13
What is debt a percentage of?
GDP
14
What is opportunity cost
the next best alternative
15
What’s the fundamental economic problem
scarcity
16
What are consumer durables
products that last a long time
17
What do governments wish to maximise
satisfaction of citizens
18
How to calculate profit
Total revenue - Total costs
19
What approach is objective
Positive
20
What does the PPF represent
the maximum output of two goods
21
What’s a consumer service
a service that’s provided for you like a haircut
22
What are capital goods
goods used to make consumer goods
23
what is behavioural economics
why people make economically irrational decisions
24
What approach is subjective
Normative approach
25
What are three concepts the PPF shows
scarcity, trade-offs, opportunity cost
26
What does PPF stand for
product possibility frontier
27
What are consumer goods
goods which satisfy needs/wants