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Chapter 1 - The nature and method of economics. In this chapter you will learn: The definition of economics, about the economic way of thinking, how economists construct theories, the distinction between microeconomics and macroeconomics, the pitfalls to objective thinking. | The Nature and Method of Economics Chapter 1 SLIDES PREPARED BY JUDITH SKUCE, GEORGIAN COLLEGE In this chapter you will learn The definition of economics About the economic way of thinking How economists construct theories The distinction between microeconomics and macroeconomics The pitfalls to objective thinking Chapter 1 Topics Ten Key Concepts to Retain for a Lifetime The Economic Perspective Economic Methodology Macroeconomics & Microeconomics Pitfalls to Objective Thinking A Look Ahead Ten Key Concepts The Individual Facing Tradeoffs Opportunity Costs Choosing a Little More or Less The Influence of Incentives Ten Key Concepts Interaction Among Individuals Specialization & Trade The Effectiveness of Markets The Role of Governments Ten Key Concepts The Economy as a Whole & the Standard of Living Production & the Standard of Living Money & Inflation Inflation-Unemployment Tradeoff Chapter 1 Topics Ten Key Concepts to Retain for a Lifetime The Economic Perspective Economic . | The Nature and Method of Economics Chapter 1 SLIDES PREPARED BY JUDITH SKUCE, GEORGIAN COLLEGE In this chapter you will learn The definition of economics About the economic way of thinking How economists construct theories The distinction between microeconomics and macroeconomics The pitfalls to objective thinking Chapter 1 Topics Ten Key Concepts to Retain for a Lifetime The Economic Perspective Economic Methodology Macroeconomics & Microeconomics Pitfalls to Objective Thinking A Look Ahead Ten Key Concepts The Individual Facing Tradeoffs Opportunity Costs Choosing a Little More or Less The Influence of Incentives Ten Key Concepts Interaction Among Individuals Specialization & Trade The Effectiveness of Markets The Role of Governments Ten Key Concepts The Economy as a Whole & the Standard of Living Production & the Standard of Living Money & Inflation Inflation-Unemployment Tradeoff Chapter 1 Topics Ten Key Concepts to Retain for a Lifetime The Economic Perspective Economic Methodology Macroeconomics & Microeconomics Pitfalls to Objective Thinking A Look Ahead The Economic Perspective Scarcity & Choice Rational Behaviour Marginal Analysis: Benefits & Costs Chapter 1 Topics Ten Key Concepts to Retain for a Lifetime The Economic Perspective Economic Methodology Macroeconomics & Microeconomics Pitfalls to Objective Thinking A Look Ahead Economic Methodology The scientific method: observe the world Economic Methodology The scientific method: observe the world formulate hypotheses test by comparing outcomes to predictions theories, laws, principles, models Economic Methodology generalizations: on average other-things-equal assumption: change one thing at a time abstractions: omit irrelevant facts & circumstances graphical expression Economic Methodology Policy economics apply theories to set policies to resolve economic problems or further economic goals FORMULATING ECONOMIC POLICY STATE GOALS POLICY OPTIONS IMPLEMENTATION & EVALUATION Economic Goals economic growth .
