The economic way of reasoning: models and marginal analysis

• Scarcity – not enough, lack of sth. [Stygius]
• Insight – the ability to see and understand the truth about people or situation. [Įžvalgumas]
• Deductive – using knowledge about things that are generally true in order to understand particular situation. [Dedukcinis]
Glossary
• Implication – a possible effect or result of an action or decision. [Reikšmė, Prasmė]
• Adjust – to change sth slightly to make it more suitable for a new set of conditions. [Pritaikyti]
• Assumption – belief or feeling that sth is true although there is no proof. [Prielaida]
• Applaud- to show your approval of sth/sb. [Pratarti]
• Condemn - to express disapproval of sth/sb. [Pasmerkti]
• Outcome – the result or effect of an action or event. [Rezultatas, išvada]
Economic Analysis
• The chief goal is to help us understand how the economy functions and the forces influencing the choices people make under constrains they face.
Marginal Analysis
• A method we use to study decision making.
• It is based on the idea that it’s possible for you to gain from engaging in more of an activity if the extra benefits exceed the extra costs of doing so.
• By studying marginal analysis you can understand how gains are sought as you and others make business and personal choices.
Economic Theory
• It simplify reality to allow us to understand basic economic forces and how individuals cope with the problem of scarcity.
• It also establishes relationship between cause and effect.
Economic Theory
• It is based on the premise that our behavior is quite predictable.
• Economists often assume that we systematically pursue certain objectives.
• A successful theory provides insights into physical or social relationships it studies.
Economic variables
• Economic variables are quantities or dollar amounts that can have more than one value.
Economic models
• It’s a simplified way of expressing how some sector of the economy functions.
• Consist of assumptions that...

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