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Chapter One Economics:
- 1. Economics is everywhere- study of decisions
- 2. Econ is a way of thinking not a subject matter & you can learn
how to think about problems using these ideas
- 3. econ is concerned with how people make decisions when faced with scarcity
- 4. there are 3 fundamental questions and 2 opposing answers
- 5. micro deals with individual decision makers and macro deal with aggregates
- 6. economics uses the scientific method using models that simplify the real world
- 7. people are assumed to be rational (bounded rationality)
- 8. incentives influence behavior and often generate unintended
consequences (indirect effects, creates other incentives you didn't realize)
- 9. positive vs. normative statements
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