ECON 102 Lecture 1: Chapter 1
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This course will teach you how to think like an economist . In fact, it will help you analyze and interpret daily life decisions in a manner that will emphasize costs, benefits, and possible future consequences. The economic way of thinking is a framework to analyze solutions to economic problems. Realize that "economic problems" are not just problems faced by economists, academics, businesses, stock brokers, and the government. Making choices is all about comparing _________________________________. the cost and benefits. When examining choices, we often can choose one of many outcomes. Performing a certain economic action will increase our well-being if: (cid:271)e(cid:374)efits > (cid:272)osts. In economics, we often discuss decision-making at the margin. This type of thinking will tell us to keep doing the activity as long as. Economic analysis and marginal decision making is a way of thinking about all decisions, major and minor. Minor decisions can often be made quickly and without much conscious thought!
