{"id":4705,"date":"2017-07-01T02:47:09","date_gmt":"2017-07-01T02:47:09","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/wm-macroeconomics\/chapter\/outcome-math-in-economics\/"},"modified":"2018-07-30T12:33:02","modified_gmt":"2018-07-30T12:33:02","slug":"introduction-to-math-in-economics","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/oldwestbury-wm-macroeconomics\/chapter\/introduction-to-math-in-economics\/","title":{"raw":"Introduction to Math in Economics","rendered":"Introduction to Math in Economics"},"content":{"raw":"

What you'll learn to do: use mathematics in common economic applications<\/h2>\r\n\"Old<\/a>\r\n\r\nEarlier we defined economics as the study of how people choose to use scarce resources to best satisfy their unlimited wants. Economists try to analyze these\u00a0choices both at the individual level (what wage does Alissa require in order to take that job?) and broader societal level\u00a0(what is the impact of minimum wage on the unemployment rate?). The principal tools economists use to do this are models.\r\n\r\nEconomists use math as a tool for manipulating and exploring economic models. Sometimes it makes sense to express economic ideas in words; other times,\u00a0math does a better job. Economics is not math, but rather math is a tool for presenting and manipulating\/exploring\/using economic models. Many economic models use math to explain cause and effect. Don\u2019t worry, though, we\u2019re going to cover all the math you need to solve the problems in this course.\r\n\r\nThis\u00a0section provides a quick review of some basic math (so you can avoid common errors) and then introduces the mathematical concepts you\u2019ll need throughout the course. Don\u2019t forget: return to this section later on if you encounter math that you can\u2019t follow.<\/strong>\r\n\r\nSome students, when they find out\u00a0that economics involves math, fear that the math\u00a0will trip them up and prevent their success in the course\u2014\u201cI\u2019m not a math person!\u201d they think. If you share these thoughts, it may surprise you to know there's scientific research showing that when you\u00a0practice new ways of thinking, your\u00a0brain physically\u00a0changes and adapts. Essentially, there\u2019s no such thing as \u201ca math person\u201d (or an \"economics person\"). You don't need a special talent or aptitude.\u00a0It's mainly\u00a0a matter of practice, hard work, and training your brain. The more you challenge your mind to learn, the more your brain cells connect to one\u00a0another and the stronger those connections become.\r\n\r\nSo, how do you actually develop\u00a0your brain and succeed in this kind of course? We asked some former students to tell us their advice for success. They said it was most important to\r\n