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UNIT 1: Basic Economic Concepts

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. MacroMICRO economics-Study of small Economic unitssuch as individuals, firms, and industries (competitive markets, labor markets, personal decision making, etc.)

2. Decrease in the demand for pizza . 3. Mad cow disease kills 85% of cows. Consumer goods and Capital Goods (4) 4. BP Oil Spill in the Gulf. 5. Faster computer hardware. 6. Many workers unemployed. 7. Significant increases in education

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