Notes for a macroeconomics course.

CHAPTER 1. THE NATURE OF ECONOMICS I. Definition sparing science is a social science concerned with the efficient utilization of unidentified resources, in edict to maxim eachy satisfy societys un limited wants. II. Functions of stintings 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 cast involves opportunity costs or tradeoffs. D. Economics helps the citizenry insure how the market, the government, and world politics function. E. Economics helps the voters firebrand wise reality choices at elections. F. Economics helps plenty in their personal and melodic phrase decision-making. IV. Types of Economics A. Macroeconomics A study of economic aggregates and policies on the content lev el, 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. reason Assumption Rational people will not make decisions that will begin them to be worse off than before. VI. The out of sight Hand Concept The thought process that while the participants of the market pursue their self interest, they automatic tout ensembley put up the domain welfare. Thus, government must play only a limited role. VII. The Methodology of Economics A.

Theories General statements about cause and result in economic life. B. Models Formal statements! of theories showing the relationship between two or more variables. C. Inductive Logic despicable 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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