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Chapter 1

Chapter 1 (scored 92%)

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Louisiana State University
ECON 2000

Chapter 1 The Scope and Method of EconomicsOutline1 Why Study EconomicsTo learn a way of thinking to understand society to understand global affairs to be an informed citizen2 The Scope of EconomicsMicroeconomics and macroeconomics the diverse fields of economics3 The Method of EconomicsDescriptive economics and economic theory theories and models economic policy4 An Invitation1 Why Study EconomicsEconomics the study of how individuals and societies choose to use the scarce resources that nature and previous generations have providedkey wordsthings are thought to be limited in dailythings are considered to be unlimitedTradeoffs11 To learn a way of thinkingOpportunity cost the best alternative that we forgo or give up when we make a choice or decisionto be sleeping or to work and earn 15 for this hournote that you could only be doing 1 other thingMarginalism the process of analyzing the additional or incremental costs or benefits arising from a choice or decision
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