2. THE FIELD OF ECONOMICS L E A R N I N G O B J E C T I V E S
1. Explain the distinguishing characteristics of the economic way of thinking.
2. Distinguish between microeconomics and macroeconomics.
The Department of Agriculture estimated that the expenditures a middle-income, husband–wife family of three would incur to raise one additional child from birth in 2005 to age 17 would be $250,530. In what way does this estimate illustrate the economic way of thinking?
Would the Department’s estimate be an example of macroeconomic or of macroeconomic analysis? Why?
