Chapter 01_What is economics

Chapter 01_What is economics - WHAT IS ECONOMICS? CHAPTER 1...

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WHAT IS ECONOMICS? 1 CHAPTER
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Reading You should read Ch. 1 on your own. It is mainly descriptive I will go throught it very quickly in class … most of the slides are from the text.
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Definition of Economics Scarcity All economic questions arise because we are unable to satisfy all our wants because we face scarcity . We have to make tradeoffs. Economics studies the choices that individuals, businesses, governments, and societies make as they cope with scarcity.
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Definition of Economics Microeconomics Microeconomics is the study of choices made by individuals and businesses, and the influence of government on those choices. Macroeconomics Macroeconomics is the study of the effects on the national and global economy of the choices that individuals, businesses, and governments make.
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Three Big Microeconomic Questions Microeconomics seeks to understand what determines: What goods and services are produced How goods and services are produced For whom goods and services are produced Goods and services are the objects that people value and produce to satisfy wants.
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Three Big Microeconomic Questions Goods and services produced. A sample year For the US economy
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Differences Between Economies
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Three Big Microeconomic Questions Trends in the economy by Census years. The 2010 Census is being completed.
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Three Big Microeconomic Questions How are Goods and Services Produced? Factors of production are the resources that businesses use to produce goods and services.
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Chapter 01_What is economics - WHAT IS ECONOMICS? CHAPTER 1...

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