chapter 1 - Chapter 1 What is Economics ? 1 Economics,...

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1 Chapter 1 What is Economics ?
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2 Economics, Scarcity, and Choice ± Economics { Word “economics” comes from Greek word “oikos” (house) and “nomos” (custom/law) ± Rules of hosehold { Social Science, seeks to explain something about society ± Definition: { Economics is the study of choice under conditions of scarcity ± Scarcity { Situation in which the amount of something available is insufficient to satisfy the desire for it
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3 Scarcity and Individual Choice ± Scarcity { Individuals are faced with limited resources and unlimited wants (agree?) ± { Limitations force us to make choices ± Economists study choices and consequences { Fraction of high school graduates choosing to attend college will be record high (consequence?) { As population ages… health care for elderly? (Ex: Old continents: Europe or Japan)
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4 Scarcity and Social Choice ± Society faces a scarcity of resources ± Goals of society: ± High standards of living for our citizens
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chapter 1 - Chapter 1 What is Economics ? 1 Economics,...

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