This chapter contains four main parts. The first part is a general introduction to the study of economics,..."> This chapter contains four main parts. The first part is a general introduction to the study of economics,..."/>
Image of Study guide to accompany principles of economics : micro
Bookmark Share

Text

Study guide to accompany principles of economics : micro

This chapter contains four main parts. The first part is a general introduction to the study of economics, including the distinction between micro and macro economics, the reason for studying economics, and the usefulness of economic theory or principles. The second part introduces one of the most important ideas in economics-the concept of opportunity cost. Every choice or decision involves a cost because something always must be given up to do or purchase something else. The production possibilities schedule and curve is a part of the opportunity cost material. The third part of the chapter discusses the three economic questions faced by every society in regard to the allocation of resources and explains how these questions are answered in the private and public sectors of a market economy and by a communistic society. The last part of the chapter introduces the concepts of demand and supply. Much of what is presented in Chapters 2 through 6 expands on this material.

Availability
#
Location name is not set (3B) 338.5 PET S
2015-00751
Available
Detail Information
Series Title
-
Call Number
338.5 PET S
Publisher
United States of America : .,
Collation
81 p. : il. , 30 cm
Language
English
ISBN/ISSN
0-256-02810-9
Classification
338.5
Content Type
-
Media Type
-
Carrier Type
-
Edition
-
Subject(s)
-
Specific Detail Info
-
Statement of Responsibility
Other version/related

No other version available

File Attachment
No Data
Comments
You must be logged in to post a comment