The Nature and Method of Economics 1 C H A P T E R.

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Presentation transcript:

The Nature and Method of Economics 1 C H A P T E R

The Economics Perspective Consider... MARGINAL ANALYSIS Marginal Benefits & Marginal Costs SCARCITY & CHOICE RATIONAL BEHAVIOR UTILITY

WHY STUDY ECONOMICS plus many modern contributors... Adam Smith David Ricardo John Stuart Mill Karl Marx John Maynard Keynes Economics for Citizenship Professional & Personal Applications

Theories Facts Policy Economics Theoretical Economics ECONOMIC METHODOLOGY

Analytical Economics Terminology Generalizations Other-Things-Equal ceteris paribus ECONOMIC METHODOLOGY

Analytical Economics Terminology Generalizations Other-Things-Equal ceteris paribus Abstractions ECONOMIC METHODOLOGY

Analytical Economics Terminology Generalizations Other-Things-Equal ceteris paribus Abstractions Graphical Expression ECONOMIC METHODOLOGY

ECONOMIC POLICY STATE THE GOAL POLICY OPTIONS IMPLEMENT & EVALUATE

TRADEOFFSTRADEOFFS Economic Growth Full Employment Economic Efficiency Price-Level Stability Economic Freedom Equitable Distribution Economic Security Balance of Trade ECONOMIC GOALS

MACROECONOMICS... Emphasis upon aggregates: consumers, business, government, foreigners

MICROECONOMICS... Emphasis: upon individual decision making such as what motivates consumer behavior and investment behavior

Positive Economics Absolute Facts Normative Economics What Ought to be

Biases Loaded Terminology Definitions Fallacy of Composition Causation Fallacies Post Hoc Fallacy Correlation vs. Causation PITFALLS TO SOUND REASONING

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