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Summary: Microeconomics Canada In The Global Environment | 9780134686844 | Michael Parkin, et al
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Read the summary and the most important questions on Microeconomics Canada in the Global Environment | 9780134686844 | Michael Parkin; Robin Bade
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1 What is Economics?
This is a preview. There are 4 more flashcards available for chapter 1
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Economics' core is the study of ______ and their _________.
The study of choices and their consequences. -
Define scarcity according to the definition of economics. The book says it is universal and even parrots face scarcity, can you elaborate?
Our inability to get everything we want -
What does the book say about Incentive?
It's a reward that encourages an action or a penalty that discourages one. -
Economist call the inability to satisfy all of our wants the problem of ______.
Scarcity -
Economics is about what according to the textbook?
About how individuals, businesses, and governments make the best possible choices to get what they want, and how those choices interact in markets. -
Is opportunity cost, in terms of importance, more or less than money cost?
More -
Inputs, according to the lecture, are what resources?
Productive resources like labour or natural resources. -
The professor explains the 3 keys model in his lecture:Can you name all three keys?
- Choose only when additional benefits are greater than additional opportunity costs.
- Count only additional benefits and additional opportunity benefits
- Be sure to count ALL additional benefits and costs, including implicit costs and externalities.
- Choose only when additional benefits are greater than additional opportunity costs.
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1.1 Quiz 1, 2...
This is a preview. There are 4 more flashcards available for chapter 1.1
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The problem of scarcity... A. arises because of limited time, money, and energy.B. arises because the limited human expectations cannot be satisfied with available knowledge.C. arises because of limited money, imagination and energy.D. Would disappear if we did not have to make choices.
A. arises because of limited time, money, and energy. -
Which of the following statements about scarcity is true?A. Scarcity is a problem only for people.B. Scarcity is only a problem for underdeveloped countries.C. Every person faces scarcity.D. None of the above is true.
C. Every person faces scarcity.
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