ECON-2006EG Study Guide - Quiz Guide: European Cooperation In Science And Technology, Empiricism, Opportunity Cost

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Economics chapter 1: principles & practice: the scope of economics. Choice not money is the unifying feature of all the things economists study. Economic agent: individual (person) or group (government) that makes choices. Scarce resources: things that people want, where the quantity that people want exceeds quantity that is available. Scarcity: situation of having unlimited wants in a world of limited resources. Economics: study of how agents choose to allocate scarce resources and how those choices affect society (original choice and its multiple consequences for other people in the world) Positive economics: analysis that generates objective descriptions or predictions about the world that can be verified with data (describes what people actually do) - descriptive. Questions which ask what society should do = normative economic questions. Microeconomics: study of how individuals, households, firms & governments make choices and how those affect prices, the allocation of resources, and well-being of other agents study of a small piece of the overall economy.

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