Macroeconomics 111 - Chapter 1

Macroeconomics 111 - Chapter 1 - 1-22 CHAPTER 1 - The World...

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1-22 – CHAPTER 1 - The World Around You -Economics is a Social Science - Economists study how individuals, individually and collectively make decisions about: -Working and hiring -Buying consumer goods and services (consumption) -Producing goods and services for sale -Building factories, equipment and tools -Building and buying houses -Setting prices and reacting to them -Coordinating activities in the economy -Importing goods rather than making them themselves -Economics is a form of Applied Logic (reasoning) -Economists study the reasoning that drives economic decisions and outcomes -The linkages, the chains of cause and effect are very long and complex in real- world economies -As a result one might think of economics as the study of unintended consequences -Economics is a way of analyzing and understanding the way individuals behave to get their unlimited wants and needs -People have unlimited wants but have limited: - Time, income and wealth -As a result people must make choices - Choose some things while
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This note was uploaded on 04/07/2008 for the course ECON 111 taught by Professor H during the Spring '07 term at UConn.

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Macroeconomics 111 - Chapter 1 - 1-22 CHAPTER 1 - The World...

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