ECO1207 - CHAPTER 1 - INTRODUCTION TO ECONOMICS Chapter 1...

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INTRODUCTION TO ECONOMICS Chapter 1
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Objectives By the end of this lecture, students should be able to: Explain the concept of economics, microeconomics and macroeconomics. Describe the types and relevance of economic statements. Identify the basic economic questions and main resources available. 2
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What is Economics? Unlimited Wants Limited Resources 3
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4 Unlimited Wants Limited Resources Scarcity Make Choices
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Microeconomics versus Macroeconomics Microeconomics o Part of economics concerned with decision making by individual customers, workers, households, and business firms. o Eg. – measure the price of a specific product, the number of workers employed by a single firm, income of a particular household etc. 5
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Macroeconomics o Examines the economy as a whole or its basic subdivisions or aggregates , such as the government, household, and business sectors. o Eg. – Total output, total income, aggregate expenditures, and the general level of prices in analyzing various economic problems.
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  • Fall '15
  • professor
  • Economics, basic economic questions

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