Mr. Nickson

Introduction: What Is political economy? 1. Chapter analysis 2. Chapter Outline 3. subjects for Class intelligence and Teaching Tips broad Example 1: The Medical take Tradeoff Extended Example 2: Altruistic behavior 4. Problems and Discussion Questions 5. Test Your Understanding 6. Internet Exercise 1. Chapter Summary Chapter 1 develops the ideas of scarcity and choice that argon central to semipolitical economy. Societies must contract what and how to stupefy goods, given scarce resources (natural resources, labor, carnal capital, human capital, and entrepreneurship), and then must choose who will earn the goods. The production possibilities loop represents societys feasibl e choices surrounded by goods. The division of economics into microeconomics and macroeconomics is presented, along with the type of policy questions that are answered in those fields.

The chapter concludes by discussing the methodology of economics: use of assumptions to modify; the ceteris paribus assumption; and thought about decisions on the margin. 2. Chapter Outline I. What is Economics? A. A definition of economics: the study of choices made by people who are face up with scarcity B. scarceness: a situation in which resources are control and privy be used in different ways, so we must sacrifice one th! ing for another C. Three ingrained questions of economics 1. What goods and operate do we produce? 2. How do we produce these goods and go? 3. Who consumes the goods and services that are produced? II. Scarcity and labor Possibilities A. Factors of Production 1. Natural Resources: Things created by acts of nature and used to produce goods and services (land, mineral deposits, oil and gas deposits, etc.) 2. Labor:...If you want to snuff it a wide-cut essay, order it on our website: BestEssayCheap.com

If you want to get a full essay, visit our page: cheap essay