{"id":5932,"date":"2016-08-04T20:06:24","date_gmt":"2016-08-04T20:06:24","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/masterybusiness2xngcxmasterspring2016\/?post_type=chapter&#038;p=5932"},"modified":"2017-03-10T22:33:58","modified_gmt":"2017-03-10T22:33:58","slug":"outcome-what-is-economics-2","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/clinton-wmopen-introbusiness\/chapter\/outcome-what-is-economics-2\/","title":{"raw":"Outcome: What Is Economics?","rendered":"Outcome: What Is Economics?"},"content":{"raw":"<h2>What you'll learn to do: explain what economics is and why it's important<\/h2>\r\nIn order to understand economics it\u2019s important to master a set of key concepts\u00a0and understand how they interconnect. We'll cover these concepts next.\r\n\r\nThe specific things you\u2019ll learn in this section include:\r\n<ul>\r\n \t<li>Explain scarcity<\/li>\r\n \t<li>Explain\u00a0opportunity cost<\/li>\r\n \t<li>Explain division of labor and specialization<\/li>\r\n \t<li>Distinguish between macroeconomics and microeconomics<\/li>\r\n<\/ul>","rendered":"<h2>What you&#8217;ll learn to do: explain what economics is and why it&#8217;s important<\/h2>\n<p>In order to understand economics it\u2019s important to master a set of key concepts\u00a0and understand how they interconnect. We&#8217;ll cover these concepts next.<\/p>\n<p>The specific things you\u2019ll learn in this section include:<\/p>\n<ul>\n<li>Explain scarcity<\/li>\n<li>Explain\u00a0opportunity cost<\/li>\n<li>Explain division of labor and specialization<\/li>\n<li>Distinguish between macroeconomics and microeconomics<\/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-5932\">\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>Outcome: What Is Economics?. <strong>Authored by<\/strong>: Linda Williams, Steve 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":26,"menu_order":2,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"Outcome: What Is Economics?\",\"author\":\"Linda Williams, Steve Greenlaw, and Lumen Learning\",\"organization\":\"\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"12499f74-4d3f-4d33-adb6-b4cd05551073","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-5932","chapter","type-chapter","status-publish","hentry"],"part":5747,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/clinton-wmopen-introbusiness\/wp-json\/pressbooks\/v2\/chapters\/5932","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/clinton-wmopen-introbusiness\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/clinton-wmopen-introbusiness\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/clinton-wmopen-introbusiness\/wp-json\/wp\/v2\/users\/26"}],"version-history":[{"count":10,"href":"https:\/\/courses.lumenlearning.com\/clinton-wmopen-introbusiness\/wp-json\/pressbooks\/v2\/chapters\/5932\/revisions"}],"predecessor-version":[{"id":10682,"href":"https:\/\/courses.lumenlearning.com\/clinton-wmopen-introbusiness\/wp-json\/pressbooks\/v2\/chapters\/5932\/revisions\/10682"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/clinton-wmopen-introbusiness\/wp-json\/pressbooks\/v2\/parts\/5747"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/clinton-wmopen-introbusiness\/wp-json\/pressbooks\/v2\/chapters\/5932\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/clinton-wmopen-introbusiness\/wp-json\/wp\/v2\/media?parent=5932"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/clinton-wmopen-introbusiness\/wp-json\/pressbooks\/v2\/chapter-type?post=5932"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/clinton-wmopen-introbusiness\/wp-json\/wp\/v2\/contributor?post=5932"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/clinton-wmopen-introbusiness\/wp-json\/wp\/v2\/license?post=5932"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}