Understanding Business Environment: Foundations and Ideas of Economics
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Last updated 6:17 AM on 3/15/26
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5 Terms
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What is Economics?
Economics is the study of how individuals and societies allocate scarce (limited) resources to satisfy their unlimited wants and needs.
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Microeconomics
is the branch of economics that studies individual people, such as households and businesses, such as firms, and their interactions in markets, and how the government tries to influence those decisions
e.g. a restaurant increases the price of burgers because beef costs rise
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Macroeconomics
studies the entire economy of a country, including inflation (rising prices), unemployment (people without jobs), and economic growth.
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What is Economics?
