Economics-report-1.pdf
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Economics is the study of how individuals and societies choose to use the scarce resources that nature and the previous generations have provided.
There are four main reasons to study economics: • To learn a way of thinking, • To understand society, • To understand global affairs, and • To be an informed citizen
Three fundamental concepts that, once absorbed, can change the way you look at everyday choices: opportunity cost, marginalism, and the working of efficient markets.
The full “cost” of making a specific choice includes what we give up by not making the alternative choice. The best alternative that we forgo, or give up, when we make a choice or a decision is called the opportunity cost of that decision.
Opportunity costs arise because resource are scarce. Scarce simply means limited.
The process of analyzing the additional or incremental costs or benefits arising from a choice or decision.
A market in which profit opportunities are eliminated almost instantaneously. Economists loosely refer to “good deal” or risk-free ventures as profit opportunities. For example, in grocery checkout registers, people would flock to the shortest line until all the lines are equalized. In this case, profit opportunity exists in checkout lanes when one is shorter than the others.
Past and present economic decisions have an enormous influence on the character of life in a society. Impact of economic change was most evident in England during the late 18th and early 19th centuries, a period we now call the Industrial Revolution.
New manufacturing technologies and improved transportation gave rise to the modern factory system and a massive movement of the population from the countryside to the cities. Discipline of economics also began to take shape during this period.
News headlines are filled with economic stories. In a relatively open, market-oriented world it is impossible to understand political affairs without a grounding in economics.
A knowledge of economics is essential in being an informed citizen. It is also essential in understanding a range of everyday government decisions at the local and federal levels.
There are four main reasons to study economics: • To learn a way of thinking, • To understand society, • To understand global affairs, and • To be an informed citizen
Three fundamental concepts that, once absorbed, can change the way you look at everyday choices: opportunity cost, marginalism, and the working of efficient markets.
The full “cost” of making a specific choice includes what we give up by not making the alternative choice. The best alternative that we forgo, or give up, when we make a choice or a decision is called the opportunity cost of that decision.
Opportunity costs arise because resource are scarce. Scarce simply means limited.
The process of analyzing the additional or incremental costs or benefits arising from a choice or decision.
A market in which profit opportunities are eliminated almost instantaneously. Economists loosely refer to “good deal” or risk-free ventures as profit opportunities. For example, in grocery checkout registers, people would flock to the shortest line until all the lines are equalized. In this case, profit opportunity exists in checkout lanes when one is shorter than the others.
Past and present economic decisions have an enormous influence on the character of life in a society. Impact of economic change was most evident in England during the late 18th and early 19th centuries, a period we now call the Industrial Revolution.
New manufacturing technologies and improved transportation gave rise to the modern factory system and a massive movement of the population from the countryside to the cities. Discipline of economics also began to take shape during this period.
News headlines are filled with economic stories. In a relatively open, market-oriented world it is impossible to understand political affairs without a grounding in economics.
A knowledge of economics is essential in being an informed citizen. It is also essential in understanding a range of everyday government decisions at the local and federal levels.
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