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In: English and Literature

Submitted By alogarlaz
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Introduction to key ideas - Chapter 1
Economics is a social science; it analyzes human interactions in a scientific manner.
Economics is the study of human behaviour. Since it uses scientific methods it is called a social science. Economics, at its best, is a set of ideas and methods for the improvement of society.
Much of today’s developed world faces severe challenges as a result of the financial crisis that began in 2008.
Macroeconomics studies the economy as system in which feedbacks among sectors determine national output, employment and prices
Individual behaviours are motivated by self- interest, others are socially motivated.
Microeconomics is the study of individual behaviour in the context of scarcity
A critical element in making choices is that there exists a scarcity of time, or income or productive resources.
Microeconomics also concerns business choices. The individual business operator or firm has to decide what to produce, how to produce it, how to sell it and in many cases, how to price it.
A business fails if it cannot cover its costs.
The interactions and feed backs in the economic system create a ‘paradox of thrift.’
In a mixed economy goods and services are supplied both by private suppliers and government. Markets offer the choice of a wide range of goods and services at various prices and individuals use their incomes to decide the pattern that the market price cover costs and yield a profit depending on their shopping patterns.
Much of microeconomics and macroeconomics focuses upon the role of government: how it manages the economy through fiscal and monetary policy, how it redistributes through the

tax-transfer system, how it supplies information to buyers and sets safety standards for products. A model is a formalization of theory that facilitates scientific enquiry (models are frameworks we use to organize how

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