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Class notes Microeconomics .docx

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EC 201

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Class notes Microeconomics 8/30/13 Economics - Science of choice - Study of how people use limited resources to satisfy unlimited desires - Study of how society chooses to uses its scarce resources 3 questions for any society 1. What to produce 2. How to produce 3. Who gets it? (For whom) Positive vs. Normative analysis Positive - What is actually forking for the economy - In principle, can show to be correct or incorrect Normative - What should or ought to be - Depends on person values - Cant be proven correct Macro and micro Micro - Small - Behavior of
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