Notes for a macroeconomics course.

CHAPTER 1. THE NATURE OF ECONOMICS I. Definition scotch science is a social science concerned with the efficient utilization of peculiar resources, in severalise to maxim eachy satisfy societys un restrain wants. II. Functions of scotchs 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 energise involves opportunity costs or tradeoffs. D. Economics helps the citizenry clear how the market place, the government, and world politics function. E. Economics helps the voters suck in wise general choices at elections. F. Economics helps plenty in their personal and affair decision-making. IV. Types of Economics A. Macroeconomics A study of economic aggregates and policies on the home(a) 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. moderateness Assumption Rational people will not make decisions that will begin them to be worse off than before. VI. The undetectable Hand Concept The thought process that while the participants of the market pursue their self interest, they automatic all in ally put up the ordinary welfare. Thus, government must play only a limited role. VII. The Methodology of Economics A.

Theories General statements about cause and matte r in economic life. B. Models Formal state! ments of theories showing the relationship amid two or more variables. C. Inductive Logic wretched 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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