principal of economic thinking

meh...

What five things is economics about?

1. Analyzing everyday enigmas

2. Teaching better decision making 

3. studying how people use limited resources to satisfy unlimited wants 

4. making policy recommendations (normative economics)

5. analyzing how economics work (positive economics)

What do economic policy advisers do in their role to support government officials?

Roles like  going beyond the objective facts to recommend actions based on what they believe to be the best way to achieve the officials' or company's desired objectives

What is Normative Economics?

Normative economics is a type of analysis that focuses on how things should be done

What is Positive Economics?

Positive economics are a type of analysis that describes how things are

Why do some economists believe economics is the “science of decision making"?

Because people can not have everything they want and they have to make choices.

And so economists argue that economics is a large part in how we make these choices. And defines  economics as the science of decision making. Even with larger decisions, economists have developed ways of thinking about these choices that can lead to better decision making

What does it mean that “people's wants are unlimited”?

Despite the scarcity of resources, people's wants are unlimited and we may have enough goods or services to live, regardless of  your personal wealth, we will always want more

Why are resources limited or scarce?

Resources are limited, or scarce, because they exist in finite amounts. Like there our only so many workers, minerals, machines, and other resources can be used at any given time to produce goods and services

NOTE “ Resources can also have alternative uses. Trees, for example, can be used to construct houses, to make paper, or to burn for fuel.”

adam smith* not as important…. can skip

1. Adam’s Smith’s “Wealth of Nations” was written when and what argument does Smith make in it?

He argued the competition is key to a healthy economy  and nations prosper(do really well) and sellers are free to do business in the marketplace without  government interference 

2. According to Smith, what makes a person wealthy in economic terms?

To be wealthy (in economics terms you need the necessities like food, water, clothes  but you need also need entertainment and conveniences the more you have of that the richer you are 

3. Because of his contributions to economics, what title has Adam Smith earned?

The father of modern economics 

Over the past two centuries, what question have some of the world's best thinkers wrestled with?  Their answers have generated many of the ideas and principles at the heart of the social science we call economics.

Why are some nations  and  rich and why our some nations and people poor