ECON-2006EG Study Guide - Quiz Guide: Ceteris Paribus, Budget Constraint, Scientific Method

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Scarce resources are things that people want, where the quantity that people want exceeds the quantity that is available. Scarcity is the situation of having unlimited wants in a world of limited resources. Economics is the study of how agents choose to allocate scarce resources and how those choices affect society. Positive economics is analysis that generates objective descriptions or predictions about the world that can be verified with data normative economics is analysis that prescribes what an individual or society ought to do. Microeconomics is 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 is the study of the economy as a whole. Macroeconomists study economy- wide phenomena, like the growth rate of a country"s total economic output, the inflation rate, or the unemployment rate.

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