Studying Economics: Principles in Action
Economics is the study of the choices and decisions people make about how to use the world's resources. Understanding economics will help you make informed decisions for yourself and assess the decisions made by others. A number of features in this book are designed to help you understand key economic principles and to show you those principles in action in the real world.
Content Standards in Economics
To help guide you in your study of economics, this book incorporates the Voluntary National Content Standards in Economics developed by the National Council on Economic Education. The standards are built around the twenty key concepts listed below.
Building Key Concepts
Each of the graphs, charts, and tables in this textbook includes a question based on one of these twenty key concepts.
- Scarcity
- Opportunity Cost
- Economic Systems
- Incentives
- Trade
- Specialization
- Markets and Prices
- Supply and Demand
- Competition
- Economic Institutions
- Money
- Interest Rates
- Income
- Entrepreneurs
- Standard of Living
- Government
- Public Policy
- Gross Domestic Product
- Unemployment and Inflation
- Monetary and Fiscal Policy
Learning Key Terms
Your study of economics will involve learning the vocabulary economists use. In this book, key terms are listed in each section opener and are clearly defined in the text and in the margins to help you understand the content of each chapter.
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