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Economics
Is a social science concerned with using scarce resources, to obtain the maximum of the unlimited wants of society.
Is the study of how societies use scarce resources to produce commodities and distribute them among different people.
Is the study of production, distribution, selling and use of goods and services.
Is the study of how people use their limited resources to try to satisfy unlimited wants
Is the allocation and use of scarce resources to satisfy the unlimited needs and wants of human.
Econometrics
The use of statistical methods to develop theories or test existing hypothesis in economics or finance.
Scarcity
Our needs are greater than our limited resources.
Is the reason why people have to study and practice.
Economics as a social science
Studies how individuals make choice, in allocating scarce resources to satisfy their unlimited resources
Economics as an applied economic/science
Is the application of economic theory and econometrics in specific settings with the goal of analyzing potential outcomes.
Trade off
Consist of all the options that we give up when we make a choice.
Opportunity cost
Is the highest valued alternative that must be sacrificed in order to get somethings else.
Microeconomics
Is a branch of economics that is concerned with the decision making done by smaller economic units such as individuals or consumers, firms and industries.
Macroeconomics
The study of the large economy as a whole or the aggregate economy.
