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After studying this chapter you will be able to Define economics and distinguish between microeconomics and macroeconomics Explain the two big questions of economics Explain the key ideas that define the economic way of thinking Explain how economists go about their work as social scientists Understanding Our Changing World You are studying economics at a time of enormous change. Much of the change is for the better—the information age and all the benefits that it brings. But some of the change is for the worse—terrorism, natural disasters, and recession that have devastated many of our lives.
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