ECO-8-29-Ch1-Week-1

ECO-8-29-Ch1-Week-1 - Economics:ClassNotesWk.1 18:24:00...

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Economics: Class Notes Wk. 1 29/08/2007 18:24:00 Economics:      Economics is the study of how societies go about provisioning  themselves with the material means of existence. Time is scarce.  Every decision we make is in the face of scarcity. Economics focuses on the material means of existence. Four Provisions of Economics     What? How? For Who? Consequences? Microeconomics: Focused on individual behavior.  Answers first 3 questions. Macroeconomics: Entirety of the economy.  Answers last question. Market:  “Interaction” between the buyer and seller. Market Exchange:  Exchange of a good or service for money or another good or  service (bartering) Three Keys to Economics     Opportunity Cost & Scarcity:  What opportunity you give up to obtain  something else.   
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The Margin:  Decisions made about something specific, dealing with “how  much”.  Ex. You have to work 40 hours a week, how many hours overtime do 
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