Econ Intro - Microeconomics • The study of the choices...

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What is economics? The study of how people organize to decide how goods are produced, wat goods get produced, and who gets them Economics is not about making money The study of economics can involve the study of many different types of econ systems: o Command- health care allocated to the elderly and poor o reciprocity- resources allocated based on me giving and someone else giving o exchange We are focused on market economy- decentralized decision making based on individual interests
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Unformatted text preview: Microeconomics • The study of the choices individual s(consumers or producers) make • The study of interaction of individual households and firms in markets • Macro = study of the economy at a society level (inflation, unemployment, economic growth, etc.) What is Agricultural Econnomics • The study of economics as it applies to provisioning of food and fiber, natural reseource; environmental management, and rural community development Final: Saturday may 5 10:05...
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