Economists look around at the world and see people buying and selling goods in markets in Tokyo, London, and New York. They notice ships filled with goods from Europe and Asia arriving in Los Angeles. They note that the stock market has just had its worst day in 20 years. They observe a young man graduating college, a couple trading wedding vows, and a small grocery store at the corner of 5 th and Main just now being robbed.
Economists scratch their heads and wonder what explains the things they see in the world.
Observations and questions-this is how the science of economics begins. All the rest of economics is simply economists' best attempts at answering their questions.
Part 1 Economics: The Science of Scarcity
Part 2 Microeconomic Fundamentals
Part 3 Product Markets and Policies
Part 4 Factor Markets and Related Issues
Part 5 Market Failure and Public Choice
Part 6 International Economics: Theory and Policy