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Chapter 1

Econ Chapter 1 Section 1 (Got A+ on the test)

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ECON 2000
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Chapter 1 The Scope and Method of EconomicsEconomics the study of how individuals and societies choose to use the scarce resources that nature and previous generations have providedWhy study economics To learn a way of thinking oEconomics has 3 fundamental concepts that Opportunity Cost The best alternative given up when you make a choiceMarginalism weighing your options when you are making a choice Weighing marginal cost and marginal benefitEfficient Markets A market in which profit opportunities are eliminated almost instantaneously There is no such thing as a free lunchTo understand societyoPast and present economic decisions have an enormous influence on the character of life in a societyoThe most evident impact on economic change was the Industrial RevolutionLate 1900s The period in England thduring the 18 centuries in which new manufacturing technologies and improved transportation gave rise to the modern factory system and a massive movement of the population from the countryside to the citiesIncreases in productivity of ag new man
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