1. Economy
   1. Is a social science that studies choices and its consequences
      1. of
         1. people
         2. Companies
         3. Goverments
         4. Societies
      2. For facing
         1. Scarcity
            1. our incapability for getting all what we wish
         2. Incentives
            1. A reward that stimulates an action
            2. A punishment that discourage an action
   2. is comprised of
      1. Microeconomics
         1. Study of individuals and companies
            1. Their choices
            2. How they interact in the market
      2. Macroeconomics
2. Greatest Economy Questions
   1. What
      1. Agriculture
      2. Manufactured Goods
         1. Physical Objects
      3. Services
         1. Retail
         2. Wholesale trade
         3. Medical Care
         4. Education
   2. How
      1. Resources and Technology we use
         1. Production Factors
            1. Land
            2. Labor
            3. Is
            4. Time and Effort
            5. Production of goods and services
            6. Its Quality depends on human capital
            7. Knowledge and abilities
            8. Education
            9. Employment training
            10. Work Experience
            11. Capital
            12. Financial
            13. It allows to the company to rise funds to buy physical capital
            14. It is not a production factor
            15. It is not used to produce goods and services
            16. Physical
            17. Buildings
            18. Tools
            19. Machinery
            20. Company constructions
            21. Entrepreneurship
            22. Human resources that organised everithing
   3. For Whom
      1. Who will consume and produce the goods and services
         1. People's incomes
            1. Selling the services from their own production factors
            2. Rent
            3. Salary
            4. Interest
            5. Utilities
3. Economic Model
   1. It is a description simplified and reduced of an economy or of one of its components.
      1. Use of graphs in economic models
         1. Variables that move in the same direction
            1. Its ascending
            2. They have a positive relation or direct relation
         2. Variables that move in opposite directions
            1. Its descending
            2. They have negative relation or inverse relation
         3. Variables that have a maximum or a minimum
         4. Not related Variables
            1. Without importing what happens with the value from one from the variables, other one remains constant.
      2. The slope of a relation
         1. The slope of a relation
            1. The slope is the change of the value of the variable measured in the axis y and divided between the change of the value measured in the axis X.
         2. The slope of a straight line
            1. Its constant
            2. It can be positive or negative
         3. The slope of a line curls
            1. It is not constant
            2. It is possible to calculate
            3. In a certain point
            4. Along an arch of the curve
      3. Graphical representation of relations between more than two variables
         1. Ceteris paribus
            1. If all the rest elements relevant are kept without change
4. Economic thought
   1. A choice is an exchange
      1. An exchange is a way of trading. You give up something to choose something else.
   2. Rational elections
      1. A rational election is the one that’s based in a benefit-cost comparison.
   3. Benefit: What is won
      1. Benefit is the gain or pleasure you obtain, and it is determined by your preferences.
   4. Cost: what must be given
      1. The opportunity cost is the highest cost alternative that must be given to obtain it.
   5. How much? Election at the border
      1. It’s the comparison between costs and benefits.
         1. fringe benefit
      2. is the benefit obtained from the increase of an activity.
         1. marginal cost
      3. the opportunity cost of the increase in an activity
   6. Choices respond to incentives
      1. Economists use incentives to motivate customers choices.
5. Economy as a social science and politic tool
   1. The economist as social scientific
      1. Economists are in a search of how does the economic world works
         1. Positive declarations
      2. Is an affirmation that can be right or wrong
         1. Normative declarations
      3. It depends on the values and it can’t be put under trial.
         1. Unraveling the causes and effects
      4. Economists are interested in positive declarations related to cause and effect.
   2. The economist as political counselor
      1. The politic issues at which the economists give advice
         1. have to do with a mix between
            1. normative
            2. cause-effect declarations
6. Data visual graph representation
   1. A graph represents
      1. quantity in the way of distance in a line
         1. X is the horizontal axe
         2. Y is the vertical axe
   2. Scatter plots
      1. graph that traces the value of a variable in contrast with others variable cost
         1. This type of variable
            1. there’s any connection between two variables
            2. describes the relationship