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01
Limits, Alternatives, and Choices
McGrawHill/Irwin Copyright © 2012 by The McGrawHill Companies, Inc. All rights reserved.
Introduction
• Economics defined
• Economic wants exceed productive capacity
• A social science concerned with making optimal choices under conditions of scarcity
LO1 1-2
The Economic Perspective
Scarcity and Choice
Purposeful Behavior
Marginal Analysis
• Resources are scarce
• Rational self-interest
• Marginal benefit
• Choices must be made
• Individuals • Marginal cost and utility
• Opportunity cost
• Firms and profit
• Marginal means extra
• There’s no free lunch
• Desired • MB and MC outcomes
LO1 1-3
Theories, Principles, and Models
• The scientific method
Observe Formulate a hypothesis Test the hypothesis
Accept, reject, or modify the hypothesis
Continue to test the hypothesis, if necessary
• Economic principles •Generalizations
•Other-things-equal assumption •Graphical expression
LO2 1-4
Microeconomics and Macroeconomics
• Microeconomics
• Decision making by individual units
• Macroeconomics
• Examines either the economy as a whole or its basic subdivisions or aggregates
LO3 1-5
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