ECONOMY

ECONOMY

STUDY HOW PEOPLE TRY TO SATISFY UNLIMITED AND COMPETING WANTS THROUG THE CAREFUL USE OF RELATIVELY SCARCE RESOURCES
1. UNLIMITED WANTS
  1. SCARCITY
    1. SOCIETY CHOOSES
      1. WHAT TO PRODUCE ?
      2. HOW TO PRODUCE IT ?
      3. FOR WHOM TO PRODUCE ?
    2. FUNDAMENTAL ECONOMIC PROBLEM THAT FORCES CONSUMER AND PRODUCER TO USE RESOURCES WISELY
POSITIVE
1. STUDIES HOW ECONOMICAL PHENOMENA ACTUALLY OCCUR
2. IT STUDIES HOW THING ARE
NORMATIVE
1. STUDIES HOW THINGS SHOULD BE
MACROECONOMICS
1. BRANCH OF ECONOMICS THAT DEALS WITH THE ECONOMY AS A WHOLE
2. QUESTIONS
  1. WHY NATIONAL ECONOMIES GROW ?
  2. WHO DO SOME GROW FASTER THAN OTHERS ?
  3. WHY DOES A NATION EXPERIENCES INFLATION ?
  4. WHY DOES IT GENERATE UNACCEPTABLE UNEMPLOYMENT ?
  5. WHY DOES IT FLUCTUATE FROM PERIODS OD ECONOMIC PROSPERITY TO PERIODS OF ECONOMIC RECESSION ?
MICROECONOMICS
1. BRANCH OF ECONOMIC THAT DEALS WITH THE BEHAVIOR AND DECISIONS MAKING BY SMALL UNITS
CONCEPTS
1. MASLOW
  1. NEEDS
    1. SOMETHING YOU HAVE TO HAVE
  2. WANTS
    1. SOMETHING YOU WOULD LIKE TO HAVE
2. GOODS
  1. TYPE OF A PRODUCT THAT HAS THE CAPACITY TO SATISFY DIRECTLY OR INDIRECTLY HUMAN WANTS
  2. SUBSTITUTE
    1. MARGARINE AND BUTTER
  3. COMPLEMENTARY
    1. MILK AND CEREAL
  4. PUBLIC
    1. CAN BE CONSUMED BY EVERYBODY OR NOBODY IN A SOCIETY AT ALL
    2. NON-RIVAL
      1. EVERYBODY CAN USE IT AT THE SAME TIME (AIR)
    3. NON-EXCLUDABLE
      1. IF ONE PERSON USE IT NOTHING CAN STOP THAT OTHER ONE USE IT TO
  5. PRIVATE
    1. REDUCTION OF AVAILABILITY OF GOODS FOR CONSUMPTION BY OTHERS
    2. EXCLUDABLE
    3. RIVAL IN NATURE
  6. DURABLE (A CAR)
  7. NON-DURABLE (GASOLINE)
  8. INFERIOR GOOD (A CHEVY)
  9. NORMAL GOODS (A FOCUS)
3. SERVICE
  1. USED TO DESCRIBE THE SALE OS AN ACTIVITY THAT SOMEONE DOES (HAIRCUT)
  2. CHARACTERISTICS
    1. INTANGIBLE
    2. INDIVISIBLE
    3. ONLY CAN BE PROVIDED BY A PERSON OR GROUP OF PEOPLE WHO OFFER IT
    4. CANNOT BE STORED
3 ECONOMICS QUESTIONS
1. WHAT GOODS SHALL WE PRODUCE ?
2. HOW SHALL THESE GOODS BE PRODUCED ?
3. FOR WHOM SHALL THE GOODS BE PRODUCED ?
VALUE
1. USE
2. CHANGE
3. HOW MUCH A DESIRED OBJECT OR CONDITION WORTH RELATIVE TO OTHER OBJECTS OR CONDITIONS
PRICE
1. MECHANISM OF EXCHANGE
2. IMPORTANT VALUE FUNTIONS
  1. BUYER
    1. REVEALS WHAT HE IS WILLING TO PAY FOR A CERTAIN AMOUNT OF GOOD
  2. SELLER
    1. REVEALS WHAT IT COSTS HIM TO GIVE UP THE GOOD

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	Erstellt von Antonio Espinoza vor mehr als 9 Jahre