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As we begin our journey into the world of economics, I thought I would begin with a quote from one of the most famous economists of all time, the Scottish philosopher Adam Smith.
And he really is kind of the first real economist in the way that we view it now.
Thanks to a grade 12 student, we have been able to add study materials for Economics (HL)this year!
Ed Igcse Economics Past Papers
Special thanks to all who have contributed to make this possible :) Please click on the link to view the notes (: (By Charmaine Neo) -- Development economics Link to folder of model answer Paper 1 essays N.
And I don't think that Adam Smith would say that it's always good for someone to act self-interested, or that it's never good for people to actually think about the implications of what they are doing in an aggregate sense, but he is saying that frequently .. Micro is that people, individual actors are acting out of their own self-interest. And so, micro-economics is essentially how actors .. And a scarce resource is one you don't have an infinite amount of. Macro-economics is the study of what happens at the aggregate to an economy. So, philosophy, 'philosophy' of people, of decision-making, in the case of micro-economics -- 'decision-making' And then you make some assumptions about it. And so, you can start to visualize things mathematically, with charts and graphs and think about what would actually happen with markets.
frequently, this self-interested action *could* lead to the greater good. And the macro is that it might be good for the economy, or the nation as a whole. actors make decisions or, you could actually say 'allocations', allocations .. So, 'aggregate', what happens in aggregate to an economy, from the millions of individual actors. So it's very valuable to have this mathematical, rigorous, thinking.
Unit 2 of Macroeconomics - Measures of the Economy.
IGCSE-GCEO level notes, Demand and Supply Supply and Demand Supply and demand is perhaps one of the most fundamental concepts of economics and it is the backbone of a market economy.