Economics is the study of how people choose to allocate scarce resources. Every resource is limited in some way – wood , metal, food, even your time – and economics is the study of how people distribute these resources. Modern economics is broken into microeconomics (study of individuals) and macroeconomics (the study of large-scale economies).
Posts Tagged ‘microeconomics’
Economics is…
Thursday, July 21st, 2011Microeconomics is…
Wednesday, July 1st, 2009Microeconomics is the study of the smaller aspects of the economy – people and companies – and how they interact.