Economics and society Week 1
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Economics and society Week 1 - Details
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15 questions
| 🇬🇧 | 🇬🇧 |
| What is GDP | Gross domestic product |
| What is the purpose of GDP | Provides a economic snapshot of an economy (the momentary value of goods and services made within a country during a specific time period) |
| What is economics | The study of decision making under the condition of limited resources |
| What is ILAC | Issue, Law, Application, Conclusion |
| Who is law made by? | Parliament |
| What is civil law? | Private law |
| Public law example | Criminal law |
| Examples of civil law | Custody battle, Divorce, Employer/ employee dispute |
| Examples of Public law | Murder, assault, robbery |
| What is BA proposed law? | Its called a bill |
| What converts a bill into a act or statute? | The signing of a governor general |
| What are the two sources of law? | (Act) of parliament or (case law) decided by a judge |
| What is Micro? | The Individual decision making |
| What is Macro? | The economy as a whole |
| Difference between Macro and Micro | Why is an individual making a decision (micro) VS an economy making a decision (macro) |