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Chapter summaries part i: the key elements of economics incentive matter people care about personal costs and benefits applies to economical, political and social situations, selfish and altruistic acts. Term the discipline was renamed in the late 19th century primarily due to alfred marshall from political economy to economics as a shorter term for economic science. Economics defined economics a social science that studies how resources are used and is often concerned with how resources can be used to their fullest potential. Title: microsoft powerpoint - econ_ch02_sect04_online_lecture_notes author: bob created date: 8/8/2012 7:33:32 pm. Summary basic economics is a citizen's guide to economics-for those who want to understand how the economy works but have no interest in jargon or equations. Many in the policy community feel that building free schools and hiring teacher is the main solution to improving education.
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Economics summary chapter 6: prices combining supply and demand changes in the market equilibrium the role of prices key terms in an uncontrolled market, the price and quantity sold of a good will move to an equilibrium point where the quantity supplied equals the quantity demanded. Economics chapter 2 economics is the efficient allocation of the scarce means of production toward the satisfaction of human wants the central fact of economics is scarcity.