ECON 2030 Chapter : ECON 2030-lab
Document Summary
Chapter 1: 6-12, 16-18, 21: economies and economics. Systematic study of how societies provision themselves with the material needs of existence. Macroeconomics: the whole economy: business, practice problems (answers on moodle, chapter 1: 6-12, 16-18, 21, chapter 2: 1, 2, 4-8, 10, labs meet today and friday. Substance: the basics, economies and economics, markets: is not a physical place. In order to buy you need a seller with money. Social process is an interaction between people with money. Making a choice to give up something to get something: economic reasoning. Benefit: is what you get: opportunity cost: what you give up to get something, the margin: two basic types of choices we have to make . either/or, rationality: assumption that economists make when people make choices. Irrelevant cost: the answer, delta and the mayor, relevant costs, positive vs. normative economics**** Positive: a statement above the way the world is. Provide a tester and prove if its true or not.
