UTS Pengantar Ekonomi Mikro

Economics is a study of how societies use scarce resources to produce valuable commodities and distribute them among different people.

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A situation of scarcity is one in which goods are limited relative to desires.

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In economics, we say that an economy is producing efficiently when it cannot make anyone economically worst off without making someone else better off.

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Adam Smith is usually considered the founder of the field of macroeconomics.

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Economists have developed a special technique known as econometrics, which applies the tools of statistics to economic problems.

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The post hoc fallacy occurs when we assumed that what is true for the part is also true for the whole, we are committing the fallacy of composition.

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Society must find the right balance between the discipline of the market and the compassion of government social programs.

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Positive economics involves ethical precepts and norms of fairness.

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A market economy is one in which individuals and private firms make the major decisions about production and consumption.

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The extreme case of a command economy, in which the government keeps its hands off economic decisions, is called a laissez-faire economy.

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