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chapter 1 - Week 1 Intro Supply and Demand 1 What is...

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Week 1: Intro: Supply and Demand 1. What is economics? Economics   = The efficient allocation of the  scarce  means of production  toward the satisfaction of human wants The means of production are limited Human wants are unlimited Scarcity  = Resources are the things society uses to produce goods  and services These resources are scarce (limited) The economic problem:  There are never enough resources to  produce all of the goods and services that people want Microeconomics vs. Macroeconomics Microeconomics  = The part of economics concerned with individual  units such as firms and households and with individual markets,  particular prices, and specific goods and services. Macroeconomics  = The part of economics concerned with the  economy as a whole, dealing with huge aggregates like national 
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