{"id":28,"date":"2020-03-24T04:51:21","date_gmt":"2020-03-24T04:51:21","guid":{"rendered":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/chapter\/outcome-what-is-economics\/"},"modified":"2023-05-22T19:20:37","modified_gmt":"2023-05-22T19:20:37","slug":"outcome-what-is-economics","status":"publish","type":"chapter","link":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/chapter\/outcome-what-is-economics\/","title":{"raw":"Outcome: What Is Economics?","rendered":"Outcome: What Is Economics?"},"content":{"raw":"<h2>What you\u2019ll learn to do: explain&nbsp;what economics is and explain why it is important<\/h2>\nIn order to understand economics it's important to master a set of key definitions and understand how they interconnect. These concepts will be used many times throughout the course. At the most basic level:\n<ul>\n \t<li>Scarcity means that there are never enough resources to satisfy all human wants<\/li>\n \t<li>Economics is the study of the trade-offs and choices that we make, given the fact of scarcity<\/li>\n \t<li>Opportunity cost is what we give up when we choose&nbsp;one thing over another<\/li>\n<\/ul>\nWe will spend more time with these definitions, and understand how they're used&nbsp;in the context of this discipline.\n\nThe specific things you\u2019ll learn in this section include the following:\n<ul>\n \t<li>Define scarcity and explain its economic impact<\/li>\n \t<li>Define opportunity cost<\/li>\n \t<li>Define productive resources<\/li>\n \t<li>Explain why trade and markets exist<\/li>\n \t<li>Distinguish between macroeconomics and microeconomics<\/li>\n<\/ul>\n<h3>Learning Activities<\/h3>\nThe learning activities for this section include the following:\n<ul>\n \t<li>Video: Scarcity and Choice<\/li>\n \t<li>Reading: Understanding&nbsp;Economics and Scarcity<\/li>\n \t<li>Video: Resources<\/li>\n \t<li>Reading: The&nbsp;Concept of Opportunity Cost<\/li>\n \t<li>Video: Opportunity Cost<\/li>\n \t<li>Reading: Labor, Markets, and Trade<\/li>\n \t<li>Reading: Microeconomics and Macroeconomics<\/li>\n<\/ul>","rendered":"<h2>What you\u2019ll learn to do: explain&nbsp;what economics is and explain why it is important<\/h2>\n<p>In order to understand economics it&#8217;s important to master a set of key definitions and understand how they interconnect. These concepts will be used many times throughout the course. At the most basic level:<\/p>\n<ul>\n<li>Scarcity means that there are never enough resources to satisfy all human wants<\/li>\n<li>Economics is the study of the trade-offs and choices that we make, given the fact of scarcity<\/li>\n<li>Opportunity cost is what we give up when we choose&nbsp;one thing over another<\/li>\n<\/ul>\n<p>We will spend more time with these definitions, and understand how they&#8217;re used&nbsp;in the context of this discipline.<\/p>\n<p>The specific things you\u2019ll learn in this section include the following:<\/p>\n<ul>\n<li>Define scarcity and explain its economic impact<\/li>\n<li>Define opportunity cost<\/li>\n<li>Define productive resources<\/li>\n<li>Explain why trade and markets exist<\/li>\n<li>Distinguish between macroeconomics and microeconomics<\/li>\n<\/ul>\n<h3>Learning Activities<\/h3>\n<p>The learning activities for this section include the following:<\/p>\n<ul>\n<li>Video: Scarcity and Choice<\/li>\n<li>Reading: Understanding&nbsp;Economics and Scarcity<\/li>\n<li>Video: Resources<\/li>\n<li>Reading: The&nbsp;Concept of Opportunity Cost<\/li>\n<li>Video: Opportunity Cost<\/li>\n<li>Reading: Labor, Markets, and Trade<\/li>\n<li>Reading: Microeconomics and Macroeconomics<\/li>\n<\/ul>\n","protected":false},"author":32,"menu_order":2,"template":"","meta":{"pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-28","chapter","type-chapter","status-publish","hentry"],"part":25,"_links":{"self":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapters\/28","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/users\/32"}],"version-history":[{"count":1,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapters\/28\/revisions"}],"predecessor-version":[{"id":29,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapters\/28\/revisions\/29"}],"part":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/parts\/25"}],"metadata":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapters\/28\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/media?parent=28"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapter-type?post=28"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/contributor?post=28"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/license?post=28"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}