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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 ... - tailieumienphi.vn
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