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UNIT 1: Basic Economic Concepts

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unit I: Basic Economic ConceptsWhat is Economics in General?Economics is the study of _________. Economics is the science of scarcity. Scarcityis the condition in which our wants are greater than our limited resources. Since we are unable to have everything we desire, we must make choices on how we will use our resources. In economics we will study the choices of individuals, firms, and DefinedEconomics-Social science concerned with the efficient use of limited resources to achieve maximum satisfaction of Economic wants.(Study of how individuals and societies deal with ________)Examples:Yo u m u s t choosebetween buying jeans or buying must choosehow many people to hireGovernments must choosehow much to spend on vs. MacroMICROeconomics-Study of small Economic unitssuch as individuals, firms, and industries (competitive markets, labor markets, personal decision making, etc.) macroeconomics -Study of the large economy as a wholeor in its Basic subdivisions (National Economic Growth, Government Spending, Inflation, Unemployment, etc.)

MACROeconomics-Study of the large economy as a whole or in its basic subdivisions (National Economic Growth, Government Spending, Inflation, Unemployment, etc.) Positive vs. Normative . ... because he has a lowest PER UNIT opportunity cost. 41. Countries should trade if they have a .

  Macroeconomics, Unit

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