ECON 2001.01 Lecture 4: ECON2001.01, lec 4

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Mother theresa used money given to her to help the poor. This is acting in self interest because her goal is to help the poor. When market are working correctly, markets will make society right. Only to make yourself better off you need to make someone else better. Businesses do this by providing the consumer with what they want and need. When markets are working right we don"t want people trying to better society, but ourselves. Microeconomics: the study of the economy at the small scale. Macroeconomics: the study of the economy at the large scale. Entire economy of a state, a country, world, etc. Scarcity: a condition that results from the inability of limited resources to satisfy unlimited wants. Relative scarcity: the comparison of the scarcity of one good, service, or resource to that of another. Allocation: the process of assigning a good, service, or resource to one use instead of another.

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