Chapter One p. 3-13
Economics: social science concerned with the efficient use of limited or scarce resources to achieve
maximum satisfaction of human material wants.
Economic perspective: a unique way of thinking about economic issues
Congress recent decision to vote for $500 billion in new spending in lieu
of todays economy is raising concerns. Due to the fact that nominal GDP isnt
changing and the unemployment rate is low at only 3%, we believe the economy
to be at the