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ch01 - CHAPTER 1 Analyzin g Economi c Problem s 1 Chapter...

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CHAPTER 1 1 Analyzin g Economi c Problem s
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2 Chapter One Chapter One Overview 1. Defining Microeconomics 1. Who Should Study Microeconomics? 1. Microeconomic Modeling Elements of Models Solving the Models 1. The Types of Microeconomic Analysis
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3 Microeconomics Defined Microeconomics is the study of how individual economic decision-makers such as consumers, workers, firms or managers allocate scarce resources among alternate uses. This study involves: the behavior of these economic agents on their own the way their behavior interacts to form larger units, such as markets. Chapter One
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4 Policy Makers Managers Union Leaders Lenders Business Owners Who Should Study Microeconomics? Chapter One
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5 Key Societal Questions Societies must answer these questions that relate to microeconomics: 1. What goods and services will be produced and in what quantities 1. Who will produces these services and how will they produce them 1. Who will receive these goods and services and how will they get them Chapter One
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