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Textbook Notes for Economic Sciences at Washington State University (WSU)

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WSUECONS 101A.PreraFall

ECONS 101 Chapter 1: EconS101 Chapter01

OC11089193 Page
2
Economics is the study of scarcity and choice: individual choice: decisions by individuals about what to do and what not to do, the economy coordinates
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WSUECONS 101A.PreraFall

ECONS 101 Chapter 2: EconS101 Chapter02

OC11089192 Page
2
A model is any simpli ed version of reality used to better understand real situations. To create a simpli ed version: find or create a real but simpli
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