Thinking Like an Economist Every field of study has its own terminology Economics Supply Opportunity cost Elasticity Comparative advantage Consumer Surplus Demand Deadweight…

Slide 1MEASURING A NATIONS INCOME 0 Micro vs. Macro Microeconomics: The study of how individual households and firms make decisions, interact with one another in markets.…

Slide 1 0 Chapter 2 Thinking Like An Economist Slide 2 1 In this chapter, look for the answers to these questions:  What are economists’ two roles? How do they differ?…

Slide 1 Measuring a Nation’s Income 0 Slide 2 In this Lecture, we look for the answers to these questions: What is Gross Domestic Product (GDP)? How is GDP related to a…

Slide 1 Aggregate Demand Chapter 9 Copyright © 2010 by the McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Principles of Economics: Macroeconomics - Econ101…