ECON 2000 Chapter : Econ 2000 Test 1Chapters 1 2 3 4 5 Notes
Document Summary
Chapter 1- the scope & method of economics 8/30/2011 1:56:00 am. Economics: the study of how individuals and societies choose to use the scarce or limited resources that nature & previous generations have provided. **choose** a behavioral, or social, science study of how people make choices. What to produce: goods that are demanded, firms won"t produce what they can"t sell (supply & demand, a buyer has to have a source income, if you have 23933, you can spend 23933 4 main reasons to study economics to learn a way of thinking to understand society to understand global affairs to be an informed citizen. They must decide whether to work, whether to go to school, and how much to save. Businesses must decide what to produce, how much to produce, how much to charge, & where to locate. There"s no such thing as a free lunch : there are clearly times when profit opportunities exist.
