GSF 1025 Lecture 1: Chapter 1 – The principles and practice of economics
Document Summary
Chapter 1 the principles and practice of economics. Any group or individual that makes choices, such as consumers, firms, parents, politicians, etc. Economics studies how agents make choices among scarce (scarce = insufficient for the demand) resources and how those choices affect society. Example : some people took more than one and not everyone got a piece. Example : each student should just take one so that everyone gets a piece. Optimization (making the best choice possible with given information) Equilibrium (economic systems tend to be in equilibrium, a situation in which nobody would benefit by. Economists use data to test theories and to determine what is.
