Summary: Economics | 9780273715627 | John Sloman, et al
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Read the summary and the most important questions on Economics | 9780273715627 | John Sloman, Alison Wride.
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1 Introducing Economics
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1.1 What do economists study?
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Money is a tool. What does economics consist of? Studying 2 things;
1. Production 0f goods and services
2. Consumption of goods and services
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4 broad types of resources/factors of production?
1. Labour
2. Land and raw materials
3. Capital
4. Entrepreneurship
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What is the reason for scarcity?
Human wants are unlimited and resources available are limited.
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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.
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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)
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What resource can't be saved up for the future?
Labour.
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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?
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When is it rational to do the activity?
When the marginal benefit exceeds marginal costs.
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What are 2 society objectives?
1. Efficiency
2. Equity
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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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Topics related to Summary: Economics
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Introducing Economics - What do economists study?
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Introducing Economics - Different economic systems
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Supply and Demand - The control of prices
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The National Economy - The scope of macroeconomics
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The National Economy - The circular flow of income
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The National Economy - Short-term economic growth and the business cycle
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Macroeconomic Issues and Analysis: An Overview - Unemployment
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Macroeconomic Issues and Analysis: An Overview - Aggregate demand and supply and the level of prices
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Macroeconomic Issues and Analysis: An Overview - Inflation
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Money and Interest Rates - The financial system
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Money and Interest Rates - The supply of money
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Money and Interest Rates - The demand for money
