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Economics (1,617)
ECON 1B03 (523)
Lecture

Ch 1 Introduction.pdf

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Department
Economics
Course
ECON 1B03
Professor
Hannah Holmes
Semester
Fall

Description
Chapters 12 Basic Principlesof Microeconomics What is EconomicsEconomics is the study of how society allocates its scarce resources to satisfy peoples unlimited wants Scarcity means that society has limited resources and therefore cannot produce all the goods and services people wish to have Microeconomics focuses on the individual parts of the economy How households and firms make decisions and how they interact in specific marketsMacroeconomics looks at the economy as a whole Economywide phenomena including inflation unemployment and economic growth
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