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Intro to Economics (Influences on peoples views (Quality, Cost, Income,…
Intro to Economics
Influences on peoples views
Quality
Cost
Income
Self-intrest
Peers
Outcomes
Social Science
Social science is the study of someones behaviour and the impact
Social science include: pyscology, economics and H&S care
Economics is a social science
Ceteris paribus
When all other factors remain the same
Economics is dynamic
It is always changing
Positive statement
It is a fact
Is not influenced by other peoples opinion
It is impartial and unbiased
Normative statement
It is an opinion
It is influenced by other peoples opinion
It is biased
Opportunity cost is the benefit one loses when chosing one alternative over another
Economic agent is something that affects the economy such as consumers