basic

An introduction to basic economics

What is economics?

Economics -Social science concerned with the efficient use of limited resources to achieve maximum satisfaction of economic wants.

What is Economics in General?

Economics is the science of scarcity. • Scarcity is 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 governments.

Multiple Choice

Study of small economic units such as individuals, firms, and industries (competitive markets, labor markets, personal decision making, etc.)

• Microeconomics

• Macroeconomics

Open Ended

Who is the Father of economics?