Chapter 1

Chapter 1 - Introduction to Economics Eco 201 What is...

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Introduction to  Economics Eco 201
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What is Economics? Your definition? Friedman’s definition:  Economics is the science […] of how a  particular society solves its economic  problems. An economic problem exists whenever scarce  means are used to satisfy certain ends.
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What is Economics? Economics:  The science of scarcity The science of how  individuals and societies  deal with the fact that  wants are greater than the  limited resources available  to satisfy those wants  Wants = infinite –  Resources = finite
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An economist is someone who doesn't  know what he's talking about - and makes  you feel it's your fault.  
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Categories of Economics I Positive  Economics: The study of “what is” in economic matters Cause   Effect Normative  Economics: The study of “what should be” in economic  matters Judgment  and  Opinion In this class, you’ll learn about  positive   economics
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Which of the following is an  example of a positive statement? A. The U.S. public should devote more  resources to education. B. The poor should pay lower taxes and  the rich should pay higher taxes. C. Soap operas should be taken off  television. D. If you drop a ball from the top of a  building, it will fall to the ground.
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Which of the following statements  is false? A. Positive economists always agree with  each other. B. Normative economists do not always 
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This note was uploaded on 04/09/2008 for the course ECO 201 taught by Professor Zenker during the Spring '08 term at Elon.

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Chapter 1 - Introduction to Economics Eco 201 What is...

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