CHAPTER 1 INTRODUCTION TO ECONOMICS. LEARNING OUTCOMES AFTER READING THE WHOLE CHAPTER, THE STUDENT IS EXPECTED TO BE ABLE TO: Define economics and distinguish.
8 THE DATA OF MACROECONOMICS. Copyright © 2004 South-Western 23 Measuring a Nations Income.
Economic Well Being Agec 217, Summer 2007. Economic Well Being Macroeconomics The study of the economy as a whole.
Copyright © 2004 South-Western/Thomson Learning 2 Thinking Like an Economist.
Gross domestic product
Measuring a Nation's Income
Copyright © 2004 South-Western/Thomson Learning Thinking Like an Economist Every field of study has its own terminology Mathematics integrals axioms.
THINKING LIKE AN ECONOMIST CHAPTER 2. Thinking Like an Economist Economics trains you to... – Think in terms of alternatives. – Evaluate the cost of individual.
T HINKING L IKE AN E CONOMIST Lecturer: Jack Wu. IS THE ECONOMIST A SCIENTIST? Economics = queen of social science (Only Nobel Prize in Economics) Economics.
Macroeconomics SS 2008. Thomson, South-Western International Student Edition ISBN 0-324-20307-1 4 th edition to be published soon.
Measuring a Nation’s Income: Nominal vs. Real GDP, Applications and Implications Introduction to Political Economy: Macroeconomics Washington University.
© 2007 Thomson South-Western. Measuring a Nation’s Income Microeconomics is the study of how individual households and firms make decisions and how they.