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Econ notes from week 1

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by: Braylyn Salmond

Econ notes from week 1 ECON, 224

Braylyn Salmond
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About this Document

These notes will help on the exam
Introduction to Economics
Elizabeth Breitbach
Class Notes




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This 2 page Class Notes was uploaded by Braylyn Salmond on Sunday January 17, 2016. The Class Notes belongs to ECON, 224 at University of South Carolina taught by Elizabeth Breitbach in Spring 2016. Since its upload, it has received 82 views. For similar materials see Introduction to Economics in Economcs at University of South Carolina.


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You can bet I'll be grabbing Braylyn studyguide for finals. Couldn't have made it this week without your help!

-Enola Ankunding


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Date Created: 01/17/16
Economics Chapter 1 Notes Define Economics - Economics is about wants and needs - The social science concerned with how individuals, institutions and society make choices under conditions of scarcity. Define Opportunity Cost - The value of a good, service or time forgone to get something else. Examples of Opportunity Cost - To get more than one thing, people often ignore the opportunity to get something better. That sacrifice is the opportunity cost of the choice. Describe the difference between Positive and Normative statements - Positive Economics: o Is objective and fact based  Doesn’t have to be correct, but must be able to be tested and proved/disproved. - Normative Economics: o Is subjective and value based.  Often times are opinion based so they can not be proved or disproved. Microeconomics vs Macroeconomics Microeconomics - The part of economics concerned with decision making of individuals such as consumers, workers and business firms Macroeconomics - The part of economics concerned with the economy as a whole or other major components of the economy 2


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