Positive Economics

Date: 2015-10-07; view: 419.

Economic policy

Economic Institution

Economize

Economics

Economical

Economic

Economy

YOUR VOCABULARY

- a system according to which the money, industry, and trade of a country or region are organized.

- a country's economy is the wealth that it gets from busi­ness and industry.

- careful spending or the use of things in order to save money.

- large-size packages of goods which are cheaper than the normal sized packages on sale.

- concerned with economics and with the organization of the money, industry, and trade of a country, region, or so­cial group.

- relating to services, businesses, etc. that produce a profit.

- something that is economical does not require a lot of money to operate.

- using the minimum amount of time, effort, language, etc. that is necessary.

- the study of the production of wealth and the consump­tion of goods and services in a society, and the organiza­tion of its money, industry, and trade.

Economist

- an expert or student of economics.

- save money by spending it very carefully and not buying expensive things.

- a physical or mental structure that significantly influ­ences economic decisions.

- an action (or inaction) taken, usually by government, to influence economic events.

Economic model

- simplified representation of reality.

- the study of what is, and how the economy works.

Normative Economics

- the study of how the economy should be, from society's standpoint.