Econ Chap 1

Last update by gomezr on 02/02/2012
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what are four key elements in economics?

Answer:
(a social study)

description
analysis
explanation and
prediction

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  • Shelliebean1
    Answered in Econ Chap 1

    what is the gross domestic product?

    "GDP"

    the dollar value of all final goods and services and structures produced within a countries borders in a 12-month period

    key measure of the country's economic health
  • Shelliebean1
    Answered in Econ Chap 1
    why is description important?
    because we need to know what the world around us looks like
  • Shelliebean1
    Answered in Econ Chap 1
    what is in the analysis part of economics?
    why are some prices high, but some are low?
    why do some people earn higher income than others?
    how do taxes affect people?
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    what is the inportance of analysis?
    it helps us discover how things work and why things happen
  • Shelliebean1
    Answered in Econ Chap 1

    explain how the explanation of economices works

    after we know why and how things work, it is good to communicate this knowledge to others so we all have a common understanding and will be better able to address and maybe fix economic problems
  • Shelliebean1
    Answered in Econ Chap 1
    explain prediction
    people need to be able to see what will happen in the future with the economy or see the consequences of certain decisions.
  • Shelliebean1
    Answered in Econ Chap 1
    why is it good to study economics?
    it makes all of us better informed citizens and better decision makers
  • Shelliebean1
    Answered in Econ Chap 1
    what are economic products?
    goods and services that are useful, relatively scarce and transferrable to others
  • Shelliebean1
    Answered in Econ Chap 1
    define good
    an item that is economically useful or satisfies an economic want like a book, car etc.
  • Shelliebean1
    Answered in Econ Chap 1
    what is a consumer good?
    intended for final use by individuals
  • Shelliebean1
    Answered in Econ Chap 1
    what are capital goods?
    when manufactored goods are used to produce other goods and services