{"id":4997,"date":"2016-07-20T21:08:00","date_gmt":"2016-07-20T21:08:00","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/microeconomics\/?post_type=chapter&#038;p=4997"},"modified":"2016-07-26T23:34:53","modified_gmt":"2016-07-26T23:34:53","slug":"outcome-what-is-economics","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/chapter\/outcome-what-is-economics\/","title":{"raw":"Outcome: What Is Economics?","rendered":"Outcome: What Is Economics?"},"content":{"raw":"<h2>What you\u2019ll learn to do: explain\u00a0what economics is and explain why it is important<\/h2>\r\nIn order to understand economics it's important to master a set of key definitions and understand how they interconnect. These concepts will be used many times throughout the course. At the most basic level:\r\n<ul>\r\n \t<li>Scarcity means that there are never enough resources to satisfy all human wants<\/li>\r\n \t<li>Economics is the study of the trade-offs and choices that we make, given the fact of scarcity<\/li>\r\n \t<li>Opportunity cost is what we give up when we choose\u00a0one thing over another<\/li>\r\n<\/ul>\r\nWe will spend more time with these definitions, and understand how they're used\u00a0in the context of this discipline.\r\n\r\nThe specific things you\u2019ll learn in this section include the following:\r\n<ul>\r\n \t<li>Define scarcity and explain its economic impact<\/li>\r\n \t<li>Define opportunity cost<\/li>\r\n \t<li>Define productive resources<\/li>\r\n \t<li>Explain why trade and markets exist<\/li>\r\n \t<li>Distinguish between macroeconomics and microeconomics<\/li>\r\n<\/ul>\r\n<h3>Learning Activities<\/h3>\r\nThe learning activities for this section include the following:\r\n<ul>\r\n \t<li>Video: Scarcity and Choice<\/li>\r\n \t<li>Reading: Understanding\u00a0Economics and Scarcity<\/li>\r\n \t<li>Video: Resources<\/li>\r\n \t<li>Reading: The\u00a0Concept of Opportunity Cost<\/li>\r\n \t<li>Video: Opportunity Cost<\/li>\r\n \t<li>Reading: Labor, Markets, and Trade<\/li>\r\n \t<li>Reading: Microeconomics and Macroeconomics<\/li>\r\n<\/ul>","rendered":"<h2>What you\u2019ll learn to do: explain\u00a0what economics is and explain why it is important<\/h2>\n<p>In order to understand economics it&#8217;s important to master a set of key definitions and understand how they interconnect. These concepts will be used many times throughout the course. At the most basic level:<\/p>\n<ul>\n<li>Scarcity means that there are never enough resources to satisfy all human wants<\/li>\n<li>Economics is the study of the trade-offs and choices that we make, given the fact of scarcity<\/li>\n<li>Opportunity cost is what we give up when we choose\u00a0one thing over another<\/li>\n<\/ul>\n<p>We will spend more time with these definitions, and understand how they&#8217;re used\u00a0in the context of this discipline.<\/p>\n<p>The specific things you\u2019ll learn in this section include the following:<\/p>\n<ul>\n<li>Define scarcity and explain its economic impact<\/li>\n<li>Define opportunity cost<\/li>\n<li>Define productive resources<\/li>\n<li>Explain why trade and markets exist<\/li>\n<li>Distinguish between macroeconomics and microeconomics<\/li>\n<\/ul>\n<h3>Learning Activities<\/h3>\n<p>The learning activities for this section include the following:<\/p>\n<ul>\n<li>Video: Scarcity and Choice<\/li>\n<li>Reading: Understanding\u00a0Economics and Scarcity<\/li>\n<li>Video: Resources<\/li>\n<li>Reading: The\u00a0Concept of Opportunity Cost<\/li>\n<li>Video: Opportunity Cost<\/li>\n<li>Reading: Labor, Markets, and Trade<\/li>\n<li>Reading: Microeconomics and Macroeconomics<\/li>\n<\/ul>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-4997\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li><strong>Authored by<\/strong>: Steven Greenlaw and Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":18,"menu_order":2,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"\",\"author\":\"Steven Greenlaw and Lumen Learning\",\"organization\":\"\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-4997","chapter","type-chapter","status-publish","hentry"],"part":4994,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/4997","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/users\/18"}],"version-history":[{"count":2,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/4997\/revisions"}],"predecessor-version":[{"id":5529,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/4997\/revisions\/5529"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/parts\/4994"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/4997\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/media?parent=4997"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapter-type?post=4997"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/contributor?post=4997"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/license?post=4997"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}