ECON-2006EG Study Guide - Quiz Guide: Scientific Method, Opportunity Cost, Budget Constraint

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Economists study all human behavior, especially focused on choices. Choice not money is the unifying feature of all the things that economists study. Economic agent= an individual or group that makes choices (examples: parent, consumer, government, university). Scarce resources= things that people want, where the quantity that people want exceeds the quantity that is available. Scarcity= situation of having unlimited wants in a world of limited resources. The world does not have enough resources to give everyone everything they want. Economists= the study of how agents choose to allocate scarce resources and how those choices affect society. Economic analysis: positive economics: what people actually do (descriptive) (can be verified with data, normative economics: what people ought to do (advisory) Microeconomics= the study of how individuals, households, firms and governments make choices, and how those choices affect prices, the allocation of resources, and the well-being of other agents. Macroeconomics= the study of the economy as a whole.

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