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Foundations and Models in Macroeconomics: Chapter 1 Study Notes
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Three Key Economic Ideas
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People Are Rational
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Economic Incentives
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Marginal Analysis
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Positive and Normative Statements
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04:35
Positive Statements vs. Normative Statements
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Identifying Statements
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Introduction to Economics
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Defining Economic Terms: Scarcity, Trade-offs, and Opportunity Costs
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02:04
Definition of Economics: Micro vs. Macro
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01:42
Economic Systems
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Productive and Allocative Efficiency
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03:26
Productive Efficiency and Allocative Efficiency
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04:14
Equity and Fairness
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Factors of Production
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03:09
Land, Labor, and Physical Capital
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02:08
Human Capital and Entrepreneurship
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Graphing Review
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04:17
Plotting Points on a Graph
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07:33
Drawing Curves and Shifting Curves
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Calculating Slope of a Straight Line
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