ECON 200 Study Guide - Fall 2018, Comprehensive Midterm Notes - Economic Equilibrium, Demand Curve, Point Of Sale
12 Oct 2018
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Document Summary
Cost and benefit is a big part about choice. Economics is the study of how people manage resources. Economics is the study of choices people make. R aware of costs and benefits of all available options. Purposefully behave in the way that will best have goal. This assumption is not perfect but helps to explain a lot about real world. Economics is divided into 2 broad fields. Microeconomics : study of choice individuals and firms make and the implications of these choices. Macroeconomics: study of the economy on a regional, national or international scale. People make decisions aimed at getting the things they want. People want a lot of everything but, they are constrained by limited resources. Scarcity is the condition of people"s" wants always being greater than available resources. Societies resources: factors of production, such as labor and tech. Every decision in life involves weighing the tradeoff b/w costs and benefits.
