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Lecture Macroeconomics (20/e): Chapter 1 - McConnell, Brue, Flynn

This chapter introduces many of the fundamental concepts in economics and covers a wide variety of concepts. It begins with the definition of economics; then the economic perspective is discussed. After that, the discussion moves to the development of economic theory. The individual’s and society’s economizing problems are examined using a budget line and production possibilities curves where economic growth is addressed. The Last Word deals with common mistakes students make when thinking about economics. | Chapter 1 Limits, Alternatives, Choices Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. This chapter introduces many of the fundamental concepts in economics and covers a wide variety of concepts. It begins with the definition of economics; then the economic perspective is discussed. After that, the discussion moves to the development of economic theory. The individual’s and society’s economizing problems are examined using a budget line and production possibilities curves where economic growth is addressed. The Last Word deals with common mistakes students make when thinking about economics. Economics Economics A social science concerned with making optimal choices under conditions of scarcity Economic wants exceed society’s productive capacity LO1 If wants didn’t exceed our productive capacity, everyone could have everything that they ever wanted and this class wouldn’t . | Chapter 1 Limits, Alternatives, Choices Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. This chapter introduces many of the fundamental concepts in economics and covers a wide variety of concepts. It begins with the definition of economics; then the economic perspective is discussed. After that, the discussion moves to the development of economic theory. The individual’s and society’s economizing problems are examined using a budget line and production possibilities curves where economic growth is addressed. The Last Word deals with common mistakes students make when thinking about economics. Economics Economics A social science concerned with making optimal choices under conditions of scarcity Economic wants exceed society’s productive capacity LO1 If wants didn’t exceed our productive capacity, everyone could have everything that they ever wanted and this class wouldn’t exist. Since we can’t get everything that we want, we have to make choices. The choices that we make are the best options available given the circumstances. Every choice that is made has an impact on the economy. Being in this class right now impacts the economy. The Economic Perspective Economic perspective Scarcity and choice Opportunity cost Purposeful behavior to increase utility Marginal analysis LO1 The economic perspective is the way economists view the world. This includes considering scarcity of resources, the opportunity costs of economic decisions, and how consumers and businesses exhibit purposeful behavior in order to increase their utility. Often economists use marginal analysis, which is weighing the marginal benefits and the marginal costs of some activity, in their work. Scarcity and Choice Resources are scarce Choices must be made Opportunity cost There’s no free lunch LO1 If resources weren’t scarce, we wouldn’t have to make choices. Because we have to make .