View ECON 101 GRP.docx from ECONOMICS 101 at Brickfields Asia College. In this unit we identify and define these terms before addressing the driving principles behind microeconomics: the idea that individuals and firms (economic agents) make rational choices based on self-interest. What is the economic way of thinking? Learn vocabulary, terms, and more with flashcards, games, and other study tools. Some economic models in the field of behavioural economics assume that self-interested individuals behave altruistically because they get some benefit, or utility, from doing so. In this unit, you'll learn fundamental economic concepts like scarcity, opportunity cost, and supply and demand. 06/05/2008 Mises Daily Articles Henry Hazlitt. Understanding Economics . Free Markets History of the Austrian School of Economics Philosophy and Methodology. Econ 101 kicked open a door in my mind that has never closed. Economics (/ ɛ k ə ˈ n ɒ m ɪ k s, iː k ə-/) is the social science that studies how people interact with things of value; in particular, the production, distribution, and consumption of goods and services.. Economics focuses on the behaviour and interactions of economic agents and how economies work. Unstable economic times can make potential parents think twice before adding another mouth to feed. What do economists mean when they discuss market structure and the invisible hand? Study 51 Econ 101 Terms flashcards from Davis B. on StudyBlue. Start studying Econ 101 Terms 2. Read More. Start studying ECON 101 a few actual terms. One Lesson. IMPACT OF COVID 19 INTRODUCTION 2020 was supposedly to be a good year for the world; in terms … Econ 101. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Lee esto en Español; The Capitalist Revolution. In fact, according to the Centers for Disease Control and … One of the earliest recorded economic thinkers was the 8th-century B.C. They tell us how much better off economically we all are in war than in peace.