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AGEC 217 Chapters 1 Exam| Complete Questions and Answers
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AGEC 217 Chapters 1 Exam| Complete Questions and Answers
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AGEC 217 Chapters 1 Exam| CompleteQuestions and Answers
Society - -The interaction of individuals within an environment
- Economics - -A social science concerned with the allocation of scarce
resources for satisfying unlimited wants
- Social welfare - -Happiness for society as a whole
- Local bliss - -A state where social welfare is maximized for a given
resource constraint
- Global bliss - -A state in which there are no resource constraints and all
wants are satisfied
- Agent - -A household or firm within an economy
- Economy - -A group of agents interacting to improve their individual and
joint satisfaction
- Microeconomics - -Investigates the interactions of individual consumers
and producers (agents)
- Market - -A mechanism for consumers (buyers) and producers (sellers) of
a good or service to interact in determining the market price.
- Macroeconomics - -Investigates the economy as a whole
- Fallacy of composition - -What is true of the parts is not necessarily true of
the whole
- Fallacy of division - -What is true of the whole is not necessarily true of the
parts
- Inflation - -A general rise in prices
- Positive economics - -The study of what is, was, or will be
- Normative economics - -The study of what ought to be
- Applied economics - -The application of economic theory and statistics,
combined with a knowledge of institutions, to explain the behavior of real
world phenomena
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