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    1.economics Is The Study of How Society Manages Its Scarce Resources. 2

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    Saieed Afridi
    Economics is the study of how societies manage scarce resources. It has two major branches: microeconomics, which examines how individuals and businesses allocate resources, and macroeconomics, which analyzes entire national economies and issues like inflation, employment, and GDP. A key economic concept is trade-offs, which acknowledges that budgeting requires sacrificing some things to gain others, as seen in the trade-off between national defense spending and consumer goods.

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    1.economics Is The Study of How Society Manages Its Scarce Resources. 2

    Uploaded by

    Saieed Afridi
    13 views1 page
    Economics is the study of how societies manage scarce resources. It has two major branches: microeconomics, which examines how individuals and businesses allocate resources, and macroeconomics, which analyzes entire national economies and issues like inflation, employment, and GDP. A key economic concept is trade-offs, which acknowledges that budgeting requires sacrificing some things to gain others, as seen in the trade-off between national defense spending and consumer goods.

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    Economics is the study of how societies manage scarce resources. It has two major branches: microeconomics, which examines how individuals and businesses allocate resources, and macroeconomics, which analyzes entire national economies and issues like inflation, employment, and GDP. A key economic concept is trade-offs, which acknowledges that budgeting requires sacrificing some things to gain others, as seen in the trade-off between national defense spending and consumer goods.

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    13 views1 page

    1.economics Is The Study of How Society Manages Its Scarce Resources. 2

    Uploaded by

    Saieed Afridi
    Economics is the study of how societies manage scarce resources. It has two major branches: microeconomics, which examines how individuals and businesses allocate resources, and macroeconomics, which analyzes entire national economies and issues like inflation, employment, and GDP. A key economic concept is trade-offs, which acknowledges that budgeting requires sacrificing some things to gain others, as seen in the trade-off between national defense spending and consumer goods.

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    © All Rights Reserved
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    1.

    Economics is the study of how society manages its scarce


    resources.
    2. The two major branches of Economics are microeconomics
    and macroeconomics.
    Microeconomics is the study of how individuals and
    companies make decisions to allocate scarce resources.
    Examples:1.How a local business decides to allocate their
    funds.
    2.How a city decides to spend a government surplus.
    Whereas Macroeconomics is the study of a national
    economy as a whole, It focuses on issues that affect nations
    and world economy.
    Examples:1.Inflation 2.Employment or Unemployment
    3.Whole economy(GDP).
    3.The tern Trade Off in economics refer to the fact that
    budgeting inevitably involves sacrificing some of Xo get
    more of Y.
    Examples are:Guns and Butter. The more society spends on
    national defence(guns) to protect its shores from foreign
    aggressors, the les it can spendon consumer goods(butter)
    to raise standard of living at home.

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