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What Is Economics?
This is a review of chapter one of economics
| Question/Term | Answer/definition |
|---|---|
| Economics | The common-sense science of how and why people, businesses and governments make the choices they do. |
| What does John 14:23 explain | If we love God, the pattern of our choices will demonstrate that. |
| What does James 3:16 explain | If we love ourselves, then our choices will demonstrate that. |
| What does matthew 6:33 explain? | Christians must seek "the kingdom of God and its ritchousness" |
| What does collosions 3:2 explain? | Christians much set their affection on things above, and not on this Earth. |
| What two ideas pull you in oppisite directions? | Unlimited wants vs. Limited resources |
| What does 1 Timothy explain? | Those who adore money will face the root of all evil; as they will love the world rather than God. |
| Scarcity | Everything is finite, or limited in quantity. |
| What does Hebrews 13:5 explain? | Be content with the things that you have. |
| What does 2 Corinthians 12:9 explain? | A christian is conplete through christ. |
| What does luke 12:42-43 explain? | It shows the connection between economics and stewardship. THe steward, or economist, oversees the profitable use of their master's recources. |
| Economic cost | The value people place on a good or a service |
| good | any tangable object with a measurable lifespan |
| economic good and economic services | The goods and services that bear a positive economic cost |
| Nuisance goods | Goods that a consumer pays to have removed |
| recycling | Shows good managment of the natural resources God has given to people and plays an important role in caring for the earth and minimizing the costs of futher production of economic goods. |
| Free goods and free services | Goods and services with a price of zero |
| Diamond-water paradox | A paradox that question weather or not water was better than dimond and vice versa. |
| intrinsic value | A principle that describes a thing as valuable because of the nature of the product, such as its scarcity or the amount of labor and natural resorces that goes into producing it. |
| Carl Menger | The man who solved the dimond-water paradox, and was the founder of the Austrian School of Economics. |
| Subjective value | An objects usefulness to the buyer is what determines the objects worth |
| utility | the measure of usefulness to each individual buyer. |
| Opportunity benefit | The satisfaction you receive from the choice you make |
| Opportunity cost | The satisfaction you give up or the regret you experience for not choosing differently. |
| What is the broken window fallacy explaining? | The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups. |
| Util | An economic term for an imaginary unit of satisfaction |
| Dismal science | Every decision brings with it some degree of regret. |
| Microeconomics | Deals with choices made by individual units |
| Macroeconomics | examines large-scale economic choices and issues. |
| Positive economics | THe approach of observing economic choices and predicting economic events |
| Normative economics | Making value judgments about existing or proposed economic policies. |
Created by:
hihello2007
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