20 Questions
What is the primary focus of applied economics?
Utilizing economic theories to understand contemporary socioeconomic issues
According to Todaro (2014), what does 'sustenance' involve in the context of economic development?
Ensuring society has basic needs met
How does applied economics view society in relation to the marketplace?
As similar to the marketplace
In the context of economic development, what does 'self-esteem' refer to?
Self-respect, reputation, pride, and acknowledgment
How is freedom defined in the context of economic development according to the text?
Providing a wide variety of choices while minimizing external limitations
What is the primary focus of Positive Economics?
Describing what exists and how things work
Which aspect differentiates Normative Economics from Positive Economics?
Evaluates economic behavior
What is a key role of economic models as described in the text?
Offer a framework for analyzing variables
What is one of the key assumptions in Economics regarding individual behavior?
Predictable and logical actions
How do economists typically use economic models in their analysis?
To determine relationships among elements in an economy
What is the primary objective of applied economics as described in the text?
Understanding contemporary socioeconomic issues
In the context of applied economics, how is society typically regarded?
Similar to the marketplace
What distinguishes economic development from mere economic growth, according to Todaro (2014)?
The sustained improvement in societal well-being
According to Todaro (2014), what does 'freedom' encompass in the context of economic development?
Providing a variety of choices and political freedom
How do applied economics and economic development differ in their focus?
Applied economics addresses problems, while economic development aims at improving societal well-being
What is the main focus of Normative Economics as described in the text?
Making judgments and proposing courses of action
How are theories defined in the context of economic analysis in the text?
Propositions about related variables that explain phenomena
What is the purpose of economic models as discussed in the text?
To explain economic phenomena and processes
What key assumption do economists make about individual behavior according to the text?
Individuals always seek to maximize profits
How do Economic models contribute to analyzing the economy according to the text?
By determining relationships among elements in an economy
Explore the principles and concepts of applied economics, which involves using economic theories and models to analyze real-world socio-economic issues. Learn how applied economics views society as a marketplace and applies economic tools to understand various social phenomena.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
