Models allow quantitative predictions example when

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Unformatted text preview: AT IS IT?? 18 The social science that analyzes the production, distribution and consumption of goods and services (Wikipedia) The branch of knowledge concerned with the production, consumption, and transfer of wealth (Oxford Dictionary) The study of how society manages its scarce resources (Mankiw) Definition (Cont) 19 What do all of these definitions mean? Scarcity? Choices? Optimize? Efficiency? Bottom Line: Things are scare (time, money, resources), so we need to do the best with what we have to work with Allocating resources to their highest valued use What Do Economists “Do”? 20 Economics is clearly a broad topic that can be applied to an incredibly wide range of subjects Poverty, Pollution, Health Care, Trade, Crime, Sports, Law, Taxation, Insurance, Education… Where do economists work? 1. Academia 2. Teach students the tools to think economically about decision-making Conduct research Pri...
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This note was uploaded on 02/19/2013 for the course ECON 201 taught by Professor Baker during the Spring '07 term at University of Tennessee.

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