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Economics
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Terms in this set (12)
Adam smith
He introduced an economic way of thinking
NORMATIVE
How things should be
Positive
How things are
Trade offs
A comprise
Economics
Study of how people choose to use their limited resources to satisfy their unlimited wants
Micro
Small individual business
Macro
Big, economy as a whole
Market economy
•Majority of the largest economies in the world today
Command economy
an economy in which production, investment, prices, and incomes are determined centrally by a government.
Economic Enigma
A riddle or puzzle that can be explained through economic analysis
SCARCITY
•We do not have enough resources to produce all of the things we would like to have
Economic Model
What economists use to answer a question with no obvious or easy answer
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