Basic Concepts (Grade 10 NSC Matric Economics): Flashcards
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Definition of economics
Definition of economics
Study of decisions about using scarce resources for unlimited wants
Definition of scarcity
Definition of scarcity
Unlimited wants & limited needs with limited resources available
Three fundamental economic questions
Three fundamental economic questions
What to produce? How to produce? For whom to produce?
Microeconomics focus
Microeconomics focus
Individual decision-making by consumers, families, and businesses
Macroeconomics focus
Macroeconomics focus
Economy as a whole: unemployment, inflation, growth, govt policy
Monetary economics studies
Monetary economics studies
How money works, is controlled, and used in the economy
Labour economics studies
Labour economics studies
Employment, wages, and job market effects on the economy
Deductive approach in economics
Deductive approach in economics
Start with theory, test against real-world facts
Inductive approach in economics
Inductive approach in economics
Collect facts first, then develop theories from patterns
Nature of economic 'laws'
Nature of economic 'laws'
General statements about typical behaviour, not scientific laws