Principles of Micro-economics
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4 Terms
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Economics
is a social science that studies how scarce resources are utilized in order to satisfy unlimited wants
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Microeconomics
Focuses on individual entities such as households and businesses in specific markets
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Macroeconomics
Studies the economy as a whole focusing on GDP and Inflation
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The problem of scarcity is
That resources are limited but wants are unlimited then people and society are forced to make choices