Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people.
MICROECONOMICS VS. MACROECONOMICS
Microeconomics deals with behavior of individual units.
• When Consuming; How we choose what to buy
• When Producing; How we choose what to produce
• Markets: The interaction of consumers and producers.
Macroeconomics deals with analysis of aggregate issues:
MICROECONOMICS VS. MACROECONOMICS
Microeconomics deals with behavior of individual units.
• When Consuming; How we choose what to buy
• When Producing; How we choose what to produce
• Markets: The interaction of consumers and producers.
Macroeconomics deals with analysis of aggregate issues:
Economic growth Inflation Unemployment
Microeconomics is the foundation of macroeconomic analysis.
THEMES OF MICROECONOMICS
According to Mick Jagger & the Rolling Stones, “You can’t always get what you want”. Why Not?
Microeconomics is the foundation of macroeconomic analysis.
THEMES OF MICROECONOMICS
According to Mick Jagger & the Rolling Stones, “You can’t always get what you want”. Why Not?
Limited Resources Unlimited Wants Allocation of Scarce Resources and Trade-offs In a planned economy
In a market economy Microeconomics and Optimal Trade-offs
1. Consumer Theory
2. Workers
3. Theory of the Firm
Microeconomics and Prices
– The role of prices in a market economy
– How prices are determined
1. Consumer Theory
2. Workers
3. Theory of the Firm
Microeconomics and Prices
– The role of prices in a market economy
– How prices are determined
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