Economics from a different perspective, Microeconomics

Economics; Different Perspective

? Economics is the knowledge of the choices taken by people who are faced with scarcity.

? Scarcity is a condition in which resources are restricted but can be utilized in various ways; so one good or service should be sacrificed for the other one.

Society’s Choices

? The decisions of consumers, producers, and government decide how an economic system answers 3 fundamental questions:

1. What products do we manufacture?

2. How do we manufacture these products?

3. Who consumes or intakes the products?

Posted Date: 7/24/2012 7:00:45 AM | Location : United States

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