Econ 2000

May 9th, 2015
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The study of how individuals or societies choose to use scarce resources that nature and previous generations have provided

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Econ 2000Economics1/17/14Chapter 1EconomicsThe study of how individuals or societies choose to use scarce resources that nature and previous generations have provided Why Study Economics 1. Way of Thinkinga) Opportunity cost: best alternative which is forgone or given up while making a choice b) Marginalism: Analysis of benefits or costs arising from a choice in additional or incremental terms c) Efficient Market: market in which opportunities of profit are used up instantaneously 2. To Understand Society3. To Be an Informed CitizenTwo Main Branches of EconomicsMicroeconomics: t

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