Chapter 1 Reading notes Kailey Lyson - An Economic Way of Thinking Chapter 1 Reading notes KL Section 2 KL Enigma of production can be a problem Cost

Chapter 1 Reading notes Kailey Lyson - An Economic Way of...

This preview shows page 1 - 3 out of 3 pages.

An Economic Way of Thinking: Chapter 1 Reading notes KL Section 2: KL E nigma of production can be a problem C ost is a big factor of economics O pen economy is an economy that allows an unrestricted amount of goods across its border N ormative economics is subject and value based O f the big productions around there is a science behind supply and demand M oney science I n positive economics they are factual statements C oncept of scarce goods makes demands harder S ubstantial Growth of resource Section 3: KL Principle Symbol One-sentence summary Scarcity Forces Tradeoffs Limited resources force people to make choices and face tradeoffs when they chose. Cost Versus Benefits People choose something when the benefits outweigh the cost. Thinking at the margin Our decisions involve choices that demand slightly more, of less of something instead of homestead change
Image of page 1
Image of page 2
Image of page 3

You've reached the end of your free preview.

Want to read all 3 pages?

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture