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Definition(?) Other TEXT Examples Social science concerned with using scarce resources to obtain the maximum satisfaction of the unlimited material wants of society.
Definition(?) Our working definition -- SOCIAL SCIENCE CONCERNED WITH THE WAY SOCIETY CHOOSES TO EMPLOY ITS LIMITED RESOURCES WHICH HAVE ALTERNATIVE USES TO PRODUCE GOODS AND SERVICES FOR PRESENT AND FUTURE CONSUMPTION. People Behave Rationally Self-interest Not always measured in the goal of attaining more dollars and cents Self-interest goals may relate to: prestigelove helping othersfriendship powercreating works of art Example: How valuable is your gift giving?
Big Economic Questions Resource allocation By answering economic questions, scarce resources allocated What?


The science that explains the choices we make and how those choices change as we cope with scarcity.
You will understand potential limits of governmental economic policy As a voter, you help choose the policies that guide the allocation of societys resources. Other factors beyond price influence buying decisions IncomeReligious beliefs SeasonTastes Custom, etc.
A society must determine how much of each of the many possible goods and services it will make, and when they will be produced.
A society must determine who will do the production with what resources, and what production techniques they will use.


One key task for any society is to decide who gets to eat the fruit of the economys efforts.
Why do airlines charge less for a round-trip ticket if the traveler stays over a Saturday night? Or will we produce fewer consumption goods and more capital goods (like pizza-making machines), which will boost production and consumption tomorrow.



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