introduction_to_microeconomics - Microeconomics I Kliknij...

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5/30/11 Kliknij, aby edytować styl wzorca podtytułu Microeconomics I Introduction to Microeconomics
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5/30/11 Main topics Microeconomics: the allocation of scarce resources Models: Economists use models to make testable predictions Use of microeconomics models and predictions in decision making
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5/30/11 Economics Economics is the social science that studies the production, distribution, and consumption of goods and services. The term economics comes from the Greek for oikos (house) and nomos
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5/30/11 What is Microeconomics? The study of how individuals and firms make themselves as well of as possible in a world of scarcity and the consequences of those individual decisions for markets and the entire economy
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5/30/11 Microeconomics: the allocation of scarce resources Scarcity means that available resources are insufficient to satisfy all wants and needs Individuals and firms allocate their limited resources to make themselves as well off as possible People make TRADE-OFFs because they cannot have everything
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5/30/11 Key trade-offs WHICH goods and services to produce
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5/30/11 Key trade-offs WHICH goods and services to produce HOW to produce
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5/30/11 Key trade-offs WHICH goods and services to produce HOW to produce WHO gets the goods and services
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5/30/11 Who makes the decisions?
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