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The Field of Economics

24 April, 2015 - 11:52

Learning objectives

  • Explain the distinguishing characteristics of the economic way of thinking.
  • 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.