Mr. Nickson

Introduction: What Is economics? 1. Chapter abbreviation 2. Chapter Outline 3. subjects for Class parole and Teaching Tips broad Example 1: The Medical consider Tradeoff Extended Example 2: Altruistic expression 4. Problems and Discussion Questions 5. Test Your Understanding 6. Internet Exercise 1. Chapter Summary Chapter 1 develops the ideas of scarcity and choice that atomic number 18 central to policy-making economy. Societies mustiness contract what and how to make up goods, given scarce resources (natural resources, labor, material capital, human capital, and entrepreneurship), and then must choose who will retrieve the goods. The production possibilities loop represe nts societys feasible choices betwixt goods. The division of economics into microeconomics and macroeconomics is presented, along with the type of policy questions that are answered in those fields.

The chapter concludes by discussing the methodology of economics: use of assumptions to simplify; the ceteris paribus assumption; and thought about decisions on the margin. 2. Chapter Outline I. What is Economics? A. A definition of economics: the study of choices made by people who are face up with scarcity B. scarcity: a situation in which resources are control and canister be used in differen t ways, so we must sacrifice one thing for a! nother C. Three natural questions of economics 1. What goods and operate do we produce? 2. How do we produce these goods and run? 3. Who consumes the goods and services that are produced? II. Scarcity and production Possibilities A. Factors of Production 1. Natural Resources: Things created by acts of nature and used to produce goods and services (land, mineral deposits, oil and gas deposits, etc.) 2. Labor:...If you want to carry a wide-cut essay, order it on our website: BestEssayCheap.com

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