CommunityEconomics1 Question: What word is defined as the study of the choices individuals and societies make in production, distribution, and consumption of goods? Answer: Economics ➡️ Economics = the study of choices. ⸻ 2 Question: What is the quantity of a good for sale at a certain price under certain conditions? Answer: Supply ➡️ Supply = what is available for sale. ⸻ 3 Question: What is the mechanism that allows people to exchange goods? Answer: Market ➡️ Market = where people exchange goods. ⸻ 4 Question: Who was the founder of the Austrian school of economics? Answer: Carl Menger ➡️ Just remember: Menger = Austrian School. ⸻ 5 Question: What economic riddle did he solve? Answer: The Diamond-Water Paradox ➡️ Remember: Diamonds + water = paradox. ⸻ Matching 6 Question: An intangible item for which people will pay. Answer: Service ➡️ Service = not a physical thing. ⸻ 7 Question: Anything used in the production of a good. Answer: Capital good ➡️ Capital good = used to make something. ⸻ 8 Question: Something difficult to live without. Answer: Need ➡️ Need = something you must have. ⸻ 9 Question: A tangible item for which people will pay. Answer: Good ➡️ Good = a physical item. ⸻ 10 Question: An item produced to directly satisfy people’s wants. Answer: Consumer good ➡️ Consumer good = something made for people to use/want.

Economics

1 Question: What word is defined as the study of the choices individuals and societies make in production, distribution, and consumption of goods? Answer: Economics ➡️ Economics = the study of choices. ⸻ 2 Question: What is the quantity of a good for sale at a certain price under certain conditions? Answer: Supply ➡️ Supply = what is available for sale. ⸻ 3 Question: What is the mechanism that allows people to exchange goods? Answer: Market ➡️ Market = where people exchange goods. ⸻ 4 Question: Who was the founder of the Austrian school of economics? Answer: Carl Menger ➡️ Just remember: Menger = Austrian School. ⸻ 5 Question: What economic riddle did he solve? Answer: The Diamond-Water Paradox ➡️ Remember: Diamonds + water = paradox. ⸻ Matching 6 Question: An intangible item for which people will pay. Answer: Service ➡️ Service = not a physical thing. ⸻ 7 Question: Anything used in the production of a good. Answer: Capital good ➡️ Capital good = used to make something. ⸻ 8 Question: Something difficult to live without. Answer: Need ➡️ Need = something you must have. ⸻ 9 Question: A tangible item for which people will pay. Answer: Good ➡️ Good = a physical item. ⸻ 10 Question: An item produced to directly satisfy people’s wants. Answer: Consumer good ➡️ Consumer good = something made for people to use/want.

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Chap. 1 an introduction to economics

1.1 WHAT IS ECONOMICS?

Economics is a social science that studies human activities of production, consumption, exchange.

Today the study of economics can be divided into four main fields :

Business economics :
Studies enterprises. How small a company take decision to produce and reach its objectives.

Economics

Introduction to Economics

Syrah

Introduction and Trade Theory Foundations

1. Increasing Openness of the World Economy

Global trade has significantly increased, reflecting deeper economic interdependence.
Example: Germany's trade balance shows a strong export of industrial products and imports of raw materials and industrial goods.
Most trade occurs between countries with similar economic structures.

2. Absolute Costs and Autarky

Autarky: Economic self-sufficiency where a country or individual consumes only what it produces.

Economics

International Economics

Lea

I. Economics

A) Basic eco problem

The basic eco problem is scarcity. Because of scarcity, every society must answer three key questions:

What to produce? (e.g., food or weapons?)
How to produce? (by hand or with machines?)
For whom to produce? (who gets the goods?)

B) What is scarcity?

It means that resources are limited, but wants are infinite.
Example: If a country has a limited land, it must choose whether to use it to grow food or build housing. It cannot do both fully.

Economics

Economics Basics

Elo

FAQ

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1.1 WHAT IS ECONOMICS?

1. Increasing Openness of the World Economy

2. Absolute Costs and Autarky

A) Basic eco problem

B) What is scarcity?

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