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Micro Ch01 Presentation

Micro Ch01 Presentation

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Published by Lucky Singh

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Published by: Lucky Singh on May 28, 2007
Copyright:Attribution Non-commercial

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01/01/2013

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© 2007 Thomson South-Western, all rights reserved 
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Slidesby Ron Cronovich
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MICROECONOMICS
Ten Principles of EconomicsTen Principles of Economics
 
CHAPTER 1
TEN PRINCIPLES OF ECONOMICS2
In this chapter, look for the answers tothese questions:
What kinds of questions does economicsaddress?
What are the principles of how people makedecisions?
What are the principles of how people interact?
What are the principles of how the economy as awhole works?
 
CHAPTER 1
TEN PRINCIPLES OF ECONOMICS3
What Economics Is All About
Scarcity
refers to the limited nature of society’sresources.
Economics
is the study of how society managesits scarce resources, including
how people decide how much to work, save,and spend, and what to buy
how firms decide how much to produce,how many workers to hire
how society decides how to divide its resourcesbetween national defense, consumer goods,protecting the environment, and other needs
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