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

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1. TEN PRINCIPLES OF ECONOMICS Chapter 1 ECON202, Maclachlan 2. ECONOMY From the Greek for one who manages a household. Key concept: scarcity. ECON202, Maclachlan 3. Definition…

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Slide 1PHL 251: Critical Thinking Professor: A.J. Merrill Slide 2 GOALS: 1.Begin to Reason Clearly and Critically 2.Apply Critical Thinking to Business & Personal Life…

Slide 1Copyright © 2004 South-Western/Thomson Learning 2 Thinking Like an Economist Slide 2 Copyright © 2004 South-Western/Thomson Learning Thinking Like an Economist Every…

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Slide 1THINKING LIKE AN ECONOMIST CHAPTER 2 Slide 2 Thinking Like an Economist Economics trains you to... – Think in terms of alternatives. – Evaluate the cost of individual…