Chapter 1: What is economics and what do economists do?

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Economics
Economics is the study of choice and decision making in a world with limited resources
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Demand
Demand is the quantity of a good households are willing to buy in a market
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Supply
Supply is the quantity of a good firms are prepared to sell in a market
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Macroeconomics
Macroeconomics examines the economy as a whole
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Microeconomics
Microeconomics examines individual consumers, firms and markets in the economy
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Normative
Normative means an opinion that cannot be scientifically tested
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Positive Statement
A statement that can be scientifically tested and possibly falsified
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Card 2

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Demand is the quantity of a good households are willing to buy in a market

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Demand

Card 3

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Supply is the quantity of a good firms are prepared to sell in a market

Back

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Card 4

Front

Macroeconomics examines the economy as a whole

Back

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Card 5

Front

Microeconomics examines individual consumers, firms and markets in the economy

Back

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