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Department
Economics
Course
Economics 1021A/B
Professor
Prof
Semester
Winter

Description
CHAPTER 1: Definition of Economics  All economic questions arise from scarcity – from the fact that wants exceed the resources available to satisfy them.  Economics is the social science that studies the choices that people make as they cope with scarcity.  The subject divides into microeconomics and macroeconomics. Two Big Economic Questions  Two big questions summarize the scope of economics: o How do choices end up determining what, how, and for whom goods an services are produced? o When do choices made in the pursuit of self-interest also promote the social interest? The Economic Way of Thinking  Every choice is a tradeoff – exchanging more of something for less of something else.  The
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