lectur5-page6 - owners and business firms in a free...

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6 6 Introduction to Economics Definition of economics : A social science concerned with the way an individual or society CHOOSES to employ limited resources having alternative uses to produce economic goods and services for present and future consumption. Remember: Microeconomics : Micro theory (price theory) primarily studies the economic behavior of individual decision making units such as consumers, resource
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Unformatted text preview: owners and business firms in a free enterprise economy. At times micro-economics will study economic behavior at the industry level. Macroeconomics : Macro theory studies the aggregate level of economic activity, such as the economic systems total output, total level of unemployment, and the general price level for the economy as a whole....
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