Notes for a macroeconomics course.
THE NATURE OF ECONOMICS
Economics is a social science concerned with the efficient
utilization of scarce resources, in order to maximally satisfy society's unlimited wants.
II. Functions of Economics
The production, distribution, and consumption of goods and services.
III. Benefits of Economics
A. Most historical, social, and economic changes have economic backgrounds.
B. Governments are increasingly relying on economists for decision-making.
C. Economics teaches us that in the real world every decision we make involves opportunity costs or tradeoffs.
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