Introduction to Microeconomics
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10 Terms
Scarcity
The limited nature of society's resources.
Economics
The study of how society manages scarce resources.
Microeconomics
Focuses on individual and firm decision-making regarding the allocation of limited resources.
Macroeconomics
Studies the behavior of an economy as a whole, focusing on factors like inflation, unemployment, and economic growth.
Positive economics
Focuses on facts and cause-and-effect relationships in economic analysis.
Normative economics
Involves making value judgments and recommending policy actions based on subjective analysis.
10 Principles of Economics
Fundamental concepts including trade-offs, opportunity cost, rational decision-making, incentives, and market organization.
Trade-offs
People face choices and must give up something to get other things.
Rational decision-making
Individuals think at the margin to make choices that maximize their benefits.
Government intervention
Can improve market outcomes, but there is a trade-off between inflation and unemployment in the short run.
