Unit 1 - Chapter 1

Unit 1 - Chapter 1 - Macroeconomics Chapter 1 Economics:...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
Macroeconomics Chapter 1 Economics: Foundations and Models
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
What is economics? Economics  is the study of the choices people  make to reach goals given their scarce  resources. Economics  studies how people choose to use  limited resources to satisfy unlimited wants. Webster’s says: Economics a social science concerned chiefly with  description and analysis of the production,  distribution, and consumption of goods and services.
Background image of page 2
What’s the difference between macro and micro? Macroeconomics     The study of the economy  as a whole, including topics such as inflation,  unemployment, and economic growth. Microeconomics     The study of how  households and businesses make choices, how  they interact in markets, and how the  government attempts to influence their choices.
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
The main problem “There's no such thing as a free lunch.”                        Milton Friedman People have  unlimited
Background image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 14

Unit 1 - Chapter 1 - Macroeconomics Chapter 1 Economics:...

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online