Transcription of CHAPTER 1 Economics: Foundations and Models
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CHAPTER 1 Economics: Foundations and Models
CHAPTER 1| Economics: Foundations and Models CHAPTER Summary and Learning Objectives Three Key Economic Ideas (pages 4 7). Explain these three key economic ideas: People are rational. People respond to incentives. Optimal decisions are made at the margin. Economics is the study of the choices consumers, business managers, and government officials make to attain their goals, given their scarce resources. We must make choices because of scarcity, which means that although our wants are unlimited, the resources available to fulfill those wants are limited.
1.4 Microeconomics and Macroeconomics (pages 14–15) Distinguish between microeconomics and macroeconomics. Microeconomics is the study of how households and firms make choices, how they interact in markets, and how the government attempts to influence their choices. Macroeconomics is the study of the economy as a whole, including topics such
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