Module The Study of Economics

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Presentation transcript:

Module The Study of Economics 1 KRUGMAN'S MACROECONOMICS for AP* Margaret Ray and David Anderson

What you will learn in this Module: How scarcity and choice are central to the study of economics The importance of opportunity cost in individual choice and decision making The difference between positive economics and normative economics When economists agree and why sometimes disagree What makes macroeconomics different from microeconomics

Individual Choice: The Core of Economics Economy Market economy Property rights Marginal analysis

Resources Are Scarce Resources (Factors of Production) Land Labor Capital Entrepreneurship Scarcity and society Examples

Opportunity Cost: The Real Cost of Something Is What You Must Give Up to Get It Why all costs are opportunity costs Examples

Microeconomics Versus Macroeconomics Economic Aggregates Microeconomic versus Macroeconomic questions

Positive Versus Normative Economics Positive economics Normative economics Examples Economic model

When and Why Economists Disagree Economists may disagree because they have different values or opinions Economists may disagree because they use different models or methods to conduct their analysis Over time, disputes in economics are resolved by the accumulation of evidence (but this can sometimes take a long time!)