ECON 0110 Study Guide - Comprehensive Final Exam Guide - Gross Domestic Product, Fiscal Policy, Interest Rate

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20 Nov 2018
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Every economic issue involves, at its most basic level, individual choice. At its core, economics is the study of individual choice. The decision by an individual of what to do, which necessarily involves a decision of what and what not to do. Scarcity is the condition in which our wants are greater than our limited resources. We are unable to have everything we desire, so we must make choices. The social science that studies the production, distribution, and consumption of goods and services. The branch of economics that studies how people make decisions and how these decisions interact. The branch of economics that is concerned with overall ups and downs in the economy. The branch of economics analysis that describe the economy actually works. Prescription about the way the economy should work. # 1: choices are necessary because resources are scarce. #2: the true cost of something is its opportunity cost.

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