What is Economics? - Learning Objectives

After studying the portion of this blog devoted to the macroeconomic policy goal of economic growth, you should be able to:

· define economics.
· explain the economizing problem.
· define economic resources.
· list the three types of economic resources and give examples of each.
· define labor.
· define and explain the relationships between blue-collar workers and white-collar workers, the Rust Belt, and Silicon Valley.
· define a tangible commodity.
· define productivity.
· define and explain the functional areas of business (entrepreneurship, management, marketing, finance, and accounting).
· define and explain the special types of labor used in business (entrepreneur, manager, marketer, financier, capitalist, and accountant).
· provide at least one example of a successful entrepreneur.
· list and explain the marketing mix (the four P’s of marketing).
· define capital and explain the difference between physical capital, human capital, technology, and financial capital.
· explain the difference between stocks and bonds.
· explain the difference between retained earnings and dividends.
· define natural resources and explain the difference between those that are renewable and non-renewable.
· list the three types of economic systems and give examples of each.
· define and explain the difference between a household and a business firm.
· define a black market.
· explain the difference between efficiency and equity.
· explain the difference between traditional conservatives and traditional liberals.
· explain the difference between macroeconomics and microeconomics.
· explain the difference between products, goods, and services.
· explain the limitations of economics as a field of study
· explain the difference between positive and normative analysis.
· explain why it is important to study economics.