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Chapter 1: The Nature of Economics – Foundations and Methods
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Introduction to Economics
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Defining Economic Terms: Scarcity, Trade-offs, and Opportunity Costs
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Definition of Economics: Micro vs. Macro
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Economic Systems
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Three Key Economic Ideas
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Marginal Analysis
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People Are Rational
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Economic Incentives
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Positive and Normative Statements
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Identifying Statements
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Positive Statements vs. Normative Statements
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Graphing Review
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Calculating Slope of a Curve: Point Method
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Interpreting Graphs (Part One)
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Finding Maximum and Minimum on a Graph
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