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The Field of Economics

15 January, 2016 - 09:45

LEARNING OBJECTIVES

  1. Explain the distinguishing characteristics of the economic way of thinking.
  2. Distinguish between microeconomics and macroeconomics.

We have examined the basic concepts of scarcity, choice, and opportunity cost in economics. In this section, we will look at economics as a field of study. We begin with the characteristics that distinguish economics from other social sciences.