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A Primer on Macroeconomics
book

A Primer on Macroeconomics

by Professor Thomas M. Beveridge
March 2013
Beginner
252 pages
6h 50m
English
Business Expert Press
Content preview from A Primer on Macroeconomics

Economics: The Scientific Study of Rational Choice

Imagine you’re in a restaurant and the server has just handed you the menu. You are preparing to make a choice. You have entered the realm of economics. At its most fundamental, economics is about choice. We may define economics as the scientific study of rational choice. Although that assumption of rationality has recently come under some attack, it remains a good working assumption. We make choices and consider trade-offs as we strive to achieve the best outcomes possible in our own self-interest. Individually and as a society, we must make choices because, although we have unlimited wants, we have limited (scarce) resources to meet those wants.

Scarcity

In economics, an item is considered ...

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Publisher Resources

ISBN: 9781606494233