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Chapter_1 - Chapter 1 The basics Economies and economics...

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Chapter 1 1. The basics Economies and economics Definitions Economics is the study of how societies go about provisioning themselves with the material means of existence Material means both physical goods and services What? How? For Whom? Consequences? What material means of existence is our society going to choose to produce? Microeconomics How are we going to go about producing the means of existence? Labor, equipment, resources, technology Microeconomics For whom are we producing the material means of existence? Distribution, who gets more or less Microeconomics Consequences (Macroeconomics) Economic growth How much material means are being produced and how it is affecting society? Unemployment Availability of jobs in society Inflation Overall change in the prices of the material means of existence Markets The pattern of exchanging goods and services for money Without money, one cannot have a market economy Microeconomics Study of economics on an individual level Individual person, business, etc.. Macroeconomics Study of economics on a general level How is society affected 2. Economic reasoning Opportunity cost and Scarcity
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