Economics and society Week 1
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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) |