midterm 1 - Chapter 1 Economics study of human behavior...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 1 Economics: study of human behavior constrained by scarcity. It’s not a field of business. Economics is used to predict how people—business owners and consumers—behave when faced with scarcity Microeconomics: the part of the economy that is concerned with decision making of individual units such as households, a firm, or an industry and with individual markets, specific goods and services, and product and resource prices Macroeconomics: the part of the economy concerned with the economy as a whole; with such major aggregates as the household, business, and government sectors; and with measures of the total economy Utility: the want satisfying power of a good or service; the satisfaction or pleasure a consumer attains from the consumption of a good or service (or from the consumption of a collection of goods and services). [Self satisfaction} Scarcity: the limited quantities of the factors of production {land, labor, capital, and entrepreneurship}
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern