Module 1 – Flashcard Answerss with Answers
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Paul Samuelson, William Nordhaus
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economics is "the study of how societies choose to use scarce productive resources that have alternative uses, to produce commodities of various kinds, and to distribute them among different groups"
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Gerardo Sikat
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economics is "the study of how individuals and society in general make choices that involve the use of scarce resources from among alternative wants that need to be satisfied"
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Bernardo Villegas
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economics is "a social science that studies the optimum allocation, over time, of scarce human and non-human resources among their alternative uses in order to satisfy unlimited wants and needs"
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economics
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collectively the study of how society allocates scarce resources among their alternative uses in order to satisfy human wants and needs
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scarcity of resources, multiplicity of human wants and needs, allocation of resources
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three concepts important in the study of economics
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oikonomia
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Greek word from which the word economics comes from; means "management of the household"
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household (family)
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has limited resources to meet its members' unlimited wants and needs
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what, how much, how, for whom
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four fundamental economic questions
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microeconomics, macroeconomics
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two main branches of economics
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microeconomics
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looks at how individual households and firms make their choices, and the interaction of such decisions in the particular market
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individual market
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any arrangement that enables buyers and sellers to get information and do business with each other
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macroeconomics
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looks at the economy as a whole—aggregate prices, production, and income
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science
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systematic body of knowledge which explains observable phenomena
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identification of problem, forming hypothesis, collecting and analyzing data, drawing conclusion
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scientific method
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natural, social
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two major groups of sciences
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natural science
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deal with physical objects or phenomena
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social science
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interaction of individuals, groups, and institutions that make up society
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mathematics
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enables economists to understand and manipulate equations
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physics, chemistry, biology
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enabled society to better manage its resources
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history
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social science on which economists rely in their study of a society's economy
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sociology
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information on human relations to understand interaction among various economic units
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psychology
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knowledge on why humans act the way they do and how they learn and change
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ethics
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knowing what is and what is not acceptable to society to achieve economic goals
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man
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center of economy; acts, reacts, and interacts
