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