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AP Economics Ch.1 outline

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Subject: 
Economics
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Tags: 
economics
Economic theories
Economic model
Behavioral economics
macroeconomics
Microeconomics
Positive economics
Neoclassical economics
Heterodox economics

Christian Boujaoude September 9, 2014 Wolff Pd. 3 AP Economics Ch. 1 Outline I. Intro A. Economics 1. the social science concerned with the efficient use of scarce resources to achieve the maximum satisfaction of economic wants II. The Economic Perspective A. Economic Way of Thinking B. Scarcity and Choice 1. ?There is no free lunch? a. Cost is to society 2. Opportunity costs a. Sacrifices C. Rational Behavior 1. Rational self-interest 2. Utility a. pleasure, happiness, or satisfaction b. to allocate there in time, energy, and money to maximize their well-being 3. The same person may make different choices under different circumstances 4. Choices will vary greatly among individuals 5. Rational decisions may change as costs and benefits change

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