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Each chapter in this book will start with a discussion about current (or sometimes past) events and revisit it at chapter’s end—to “bring home” the concepts in play. What is economics and why should you spend your time learning it?
The macroeconomic perspective looks at the economy as a whole, focusing on goals like growth in the standard of living, unemployment, and inflation. Macroeconomics has two types of policies for pursuing these goals: monetary policy and fiscal policy. 1.3 How Economists Use Theories and Models to Understand Economic Issues
Chapter 1: Economics: The Study of Choice. Chapter 2: Confronting Scarcity: Choices in Production. Chapter 3: Demand and Supply. Chapter 4: Applications of Demand and Supply. Chapter 5: Macroeconomics: The Big Picture. Chapter 6: Measuring Total Output and Income. Chapter 7: Aggregate Demand and Aggregate Supply. Chapter 8: Economic Growth.
Chapter Outline. 1.0 Introduction. 1.1 Economics. 1.2 Microeconomics and Macroeconomics. 1.3 Scarcity and the Fundamental Economic Questions. 1.4 Choices. 1.5 Economics – Social Science and Policy Tool. 1.6 Economic Model. 1.7 Key Terms.
While the investigation of these problems surely falls within the province of economics, economics encompasses a far broader range of issues. Ultimately, economics is the study of choice. Because choices range over every imaginable aspect of human experience, so does economics.
1.2.2 Real and nominal variables. One of the most important conceptual tools in macroeconomics is the dis-tinction between nominal variables, which are measured in the price level of the day, and real variables, which are measured in terms of the abstract ag-gregated bundle which is outputted from the goods market.
