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 obscure resources, in dress to maxim eachy satisfy societys unexpressage wants. II. Functions of stinting 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 guess involves opportunity costs or tradeoffs. D. Economics helps the citizenry conceive how the foodstuff, the government, and world politics function. E. Economics helps the voters agnize wise unexclusive choices at elections. F. Economics helps plenty in their personal and argumentation decision-making. IV. Types of Economics A. Macroeconomics A study of economic aggregates and policies on the matter 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 unseeyn Hand Concept The thought process that while the participants of the market pursue their self interest, they automatic whollyy put up the mankind welfare. Thus, government must play only a limited role. VII. The Methodology of Economics A.

Theories General statements about cause and forcefu lness in economic life. B. Models Formal s! tatements of theories showing the relationship in the midst of two or more variables. C. Inductive Logic travel 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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