Chapter 1 What is Economics

Chapter 1 What is Economics - o Positive Statement o...

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Chapter One What is Economics? 1-1
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Economic Resources: 1-2
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Key idea: 1-3
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Two Main Branches of Economics: o Microeconomics o Macroeconomics 1-4
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Choices, Trade-Offs  Opportunity Cost o The best alternative forgone 1-5
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Margins and Incentives o Margins o Incentives 1-6
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Two Types of Economic Statements
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Unformatted text preview: o Positive Statement o Normative Statement 1-7 Models, Theories and Observations o Model o Can be used to either: 1-8 Economists are careful to avoid: o Fallacy Of Composition o Post Hoc Fallacy 1-9...
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Chapter 1 What is Economics - o Positive Statement o...

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