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Economics Chapter 1, Sections 1-3: Economics and the Language of Economics

Economics Chapter 1: Everybody's Economics
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Terms to Know:
Section 1: Why Bother about Economics?
  • Economics is the study of the choices that individuals and societies make in the production, distribution, and consumption of goods.
Section 2: What is an Economy?
  • An economy is any system for the production, distribution, and consumption of goods and services.
Section 3: Economics & the Language of Economics
  • Economists are scholars of the production, distribution, and consumption of goods within an economy.
  • Macroeconomics is the study of national and international economics and how these major economies are affected by large-scale choices and public policies.
  • Microeconomics is the study of specific components within a major economy and how the choices made by individuals, households, and businesses affect that economy.
  • Economic models seek to show the relationships among the various components of an economy.
  • A good is a tangible item that people want and for which they will pay.
  • A service is an intangible good produced by labor which people expect to pay.
  • Want is the human desire to have and use a certain good.
  • A market is a mechanism that allows people to exchange goods so that buyers and seller can get what they are seeking for themselves.
  • The supply is the quantity of a good for sale at a certain price under certain conditions or simply the amount of a good that is produced.
  • The demand is the amount of a good that is bought at a certain price under certain conditions.

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