Notes for a macroeconomics course.

CHAPTER 1. THE NATURE OF ECONOMICS I. Definition stinting science is a social science concerned with the efficient utilization of quaint resources, in site to maxim eachy satisfy societys unexpressage wants. II. Functions of economic science The production, distribution, and expending of goods and services. III. Benefits of Economics A. Most historical, social, and economic changes have economic backgrounds. B. Governments are more and more relying on economists for decision-making. C. Economics teaches us that in the real valet de chambre every decision we flummox involves opportunity costs or tradeoffs. D. Economics helps the citizenry realize how the market place, the government, and world politics function. E. Economics helps the voters confound wise general choices at elections. F. Economics helps plenty in their personal and line of business decision-making. IV. Types of Economics A. Macroeconomics A study of economic aggregates and policies on t he subject level, including income, output, the price level, and trade. B. Microeconomics A study of how consumers, households, firms, markets, and industries make their economic decisions. V. tenability Assumption Rational people will not make decisions that will begin them to be worse off than before. VI. The concealed Hand Concept The thought process that while the participants of the market pursue their self interest, they automatic altogethery put up the creation welfare. Thus, government must play only a limited role. VII. The Methodology of Economics A.

Theories General statements about cause and core group in economic life. B. Models! Formal statements of theories showing the relationship among two or more variables. C. Inductive Logic piteous from facts to principles (Facts-Theories-Policies) D. Deductive Logic Moving from a hypothesis to its proof. E. ceteris paribus - all other things being equal assumption VIII. Approaches to Economics A. descriptive/ Positive Economics Describes what exists and how it works. B. prescriptive/ Applied Economics Analyzes the outcomes of economic behavior, makes value judgments, and suggests... If you want to get a full essay, order it on our website: OrderCustomPaper.com

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