Chapter Overview
This chapter begins with a raillery of the meaning and importance of economicals. In this first chapter, however, we go away not plunge into problems and issues; instead we meet more or less important preliminaries. We first face up at the economic perspectiveâ€"how economists think about problems. Next, we examine the specific modes economists exercising to examine economic behavior and the economy, including distinguishing between macroeconomics and microeconomics. We then look at the economizing problem from both an undivided and societal perspective. For the individual we develop the budget line, for society the production possibilities model .In our discussion of production possibilities, the concepts of opportunity costs and increasing opportunity costs, unemployment, growth, and reach vs. future possibilities are all demonstrated. Finally, in the Last Word, some of the problems, limitations, and pitfalls that hinder sound economic reasoning are examined. The vermiform appendix to Chapter 1 provides an important introduction to pictorial analysis. While this will be review material for most students, for some this whitethorn be new. Instructors are strongly urged to confirm that their students understand this instalment before proceeding.
The software supplement can provide stiff remedial help for those students who are not familiar with graphical analysis, or just need a refresher.
Instructional Objectives
after completing this chapter, students should be able to: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. Define economics. Describe the economic way of thinking, including definitions of purposeful behavior, utility, marginal costs, marginal benefits and how these concepts may be used in decision-making. Explain how economists use the scientific method to formulate economic principles. Explain the importance of ceteris paribus in formulating economic principles. Explain the steps used by policy makers....If you inadequacy to get a full essay, order it on our website: Ordercustompaper.com
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