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Summary Economics

- John Sloman, et al
ISBN-10 0273715623 ISBN-13 9780273715627
146 Flashcards & Notes
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A snapshot of the summary - Economics Author: John Sloman, Alison Wride ISBN: 9780273715627

  • 1 Introducing Economics

  • 1.1 What do economists study?

  • Money is a tool. What does economics consist of? Studying 2 things;

    1. Production 0f goods and services

    2. Consumption of goods and services

  • 4 broad types of resources/factors of production?

    1. Labour

    2. Land and raw materials 

    3. Capital 

    4. Entrepreneurship

  • What is the reason for scarcity?

    Human wants are unlimited and resources available are limited. 

  • What does economics study?

    The process of how demands adjusts to available supplies and how supply adjusts to available supplies and how supply adjusts to consumer demands. 

  • What is macroeconomics concerned to?

    What is microeconomics concerned to?

    The economy as a whole. (aggregate demand and supply - total amount of spending)

    Individual parts of the economy. (goods and services)




  • What resource can't be saved up for the future?


  • Which 3 main categories of choice are there in a society?

    1. What goods and services are going to be produced and in what quantity? 

    2. How are things going to be produced?

    3. For whom are these things going to be produced?


  • When is it rational to do the activity?

    When the marginal benefit exceeds marginal costs. 

  • What are 2 society objectives?

    1. Efficiency

    2. Equity

  • For a society to achieve full economic efficiency, 3 conditions are?

    1. Efficiency in production

    2. Efficiency in consumption 

    3. Efficiency in specialisation and exchange 



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