Macro Chap 2 Notes - Thinking Like an Economist
The Scientific Method: Observation, Theory, and More Observation
Although economist use theory and observation like other scientists, they
face an obstacle that makes their task especially difficult: In eco
Macro Chap. 3 Interdependence and the Gains from Trade
A Parable for the Modern Economy - To understand why people choose to
depend on others for goods and services and how this choice improves their
lives, we can look at a simple economy. There are two g
Macro Chap 4 Notes - The Market Forces of Supply and Demand
The terms supply and demand refer to the behavior of people as they interact
with one another in competitive markets.
Market - a group of buyers and sellers of a particular good or service. The
Macro Week 1 Chap 1 notes
Ten Principles of Economics
Management of society's resources is important because resources are scarce.
Scarcity - the limited nature of societys resources.
Economics is the study of how society manages its scarce resources.