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Unformatted text preview: population growth, and price indexes) ii. Microeconomics- the part of economics study that loks at the behavior of people and organizations in particular markets. (pricing and supply/demand interactions) c. Resource Development- the study of how to increase resources and to create the conditions that will make better use of those resources. d. The secret to economic development is contained in the last statement. e. Adam Smith(the father of modern economics) f. Invisible hand- a phrase coined by Adam Smith to describe the process that turns self-directed gain into social and economic benefits for all. i. Individual hand is when business owners strive to improve their own self-worth and in doing so this stimulates the economy. II. Explain what capitalism is and how free markets work...
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- Spring '11