Economic Way Of Thinking
Economics
Chapter 1
I. An Economic way of Thinking
What's Economics?
- The study of choices people make to satisfy their needs and wants.
- It is the study of how society choose to use it's scarce resources to satisfy it's unlimited needs and wants.
Economists:
- Someone who studies the choices that people make.
- Someone who studies the economic theory and applies it to the real world.
Economic Actions:
1. Micro-economic: Study of one single factor of economy. (Mobile co.)
2. Macro Economic: Study of the entire economy.
Economic Decisions: (2 major economic makers)
1. Consumers (buy goods and services).
2. Producers (provide goods and services).
- The network of these decisions is the basis of all the economic theory.
Economic classify:
1. Goods (needs necessary for survival)
2. Wants (needs beyond what is necessary for survival).
Products:
- Goods (something physical). - Services (activities).
Economic resources:
A resource: Anything that people use to......
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