- What in this chapter made you think about an economic concept differently than your previous beliefs?
During this chapter, I felt like I learned many different types of economic concepts which led me to change my previous beliefs. After taking microeconomics, Interestingly enough, I thought that the two would be quite different. But after reading this chapter about the 10 Principles of Economics, I realized that the two are quite similar but have their differences as well. The two subjects are definitely tied together to create a larger concept of economics, but I was slightly surprised because these 10 principles of economics apply to all forms of economics, not just micro and macro economics.
- What new questions do you have now about the US economy based on this chapter?
After reading the chapter, I have not formed any new questions as of yet. I feel like the reason why I don’t have any questions is because the material from this first chapter feels like I am getting a similar introduction into microeconomics. Although this chapter feels like a refresher to microeconomics, it does help me build my confidence in knowing that I will be able to apply these same principles while studying in this macroeconomics course. The only question I have isn’t related to the US economy but more on how related micro and macro economics really are. I’m hoping to gain a better understanding of both while taking the course.
After taking a break I’ve thought of a question relating to the US economy.
When it comes to the second principle of economics, how does a person figure out what is worth giving up to get? In other words, what type of factors determine risk and reward?
Principle of Macroeconomics Blog 