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Chapters 1 & 2

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Department
Economics
Course
ECON 1B03
Professor
Hannah Holmes
Semester
Winter

Description
January 9, 2013 Chapters 1 & 2: Basic Principles and Glossary Terms for Microeconomics What is Economics? - Economics: the study of how society allocates scares resources o satisfy peoples unlimited wants - Scarcity: meaning that resources are limited - Microeconomics: involves individual decision making  Its at the most basic level  Looks at individuals, households and firms and how they make decisions - Macroeconomics: looks at the economy as a whole  Macro is made from micro  Infla
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