1 - 1 Copyright McGraw-Hill/Irwin, 2005 The Economic s Perspectiv e Why Study Ec onomics Economic Met hodology Macroeconomi cs and Micro economics Pitfalls to Sound Reason ing Key Terms Previo us Slide Next Slid e End End Show Show The Nature and Method of Economics 1 C H A P T E R
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1 - 1Copyright McGraw-Hill/Irwin, 2005
The Economics Perspective
Why Study Economics
Economic Methodology
Macroeconomics and Microeconomics
Pitfalls to Sound Reasoning
Key Terms
PreviousSlide
NextSlide
EndEndShowShow
The Nature and Method of Economics
1C H A P T E R
1 - 2Copyright McGraw-Hill/Irwin, 2005
The Economics Perspective
Why Study Economics
Economic Methodology
Macroeconomics and Microeconomics
Pitfalls to Sound Reasoning
Key Terms
PreviousSlide
NextSlide
EndEndShowShow
The Economics PerspectiveConsider...
• MARGINAL ANALYSIS
Marginal Benefits &
Marginal Costs
• SCARCITY & CHOICE• RATIONAL BEHAVIOR• UTILITY
1 - 3Copyright McGraw-Hill/Irwin, 2005
The Economics Perspective
Why Study Economics
Economic Methodology
Macroeconomics and Microeconomics
Pitfalls to Sound Reasoning
Key Terms
PreviousSlide
NextSlide
EndEndShowShow
WHY STUDY ECONOMICS
plus many modern contributors...
•Adam Smith•David Ricardo•John Stuart Mill•Karl Marx•John Maynard Keynes
policy economicstradeoffsmacroeconomicsaggregatemicroeconomicspositive economicsnormative economicsfallacy of composition“after this, therefore because of this” fallacy