INTRODUCTION TO
ECONOMICS
Choices, Choices, Choices, . . .
,Part 1: The
Basics
, WHAT IS ECONOMICS???
Economics – the study of how individuals
and societies make decisions about ways
to use scarce resources to fulfill wants and
needs.
What does THAT mean?!!??!!
, The Study of Economics
Macroeconomics
– The big picture: growth,
employment, etc.
– Choices made by large
groups (like countries)
Microeconomics
– How do individuals make
economic decisions
ECONOMICS
Choices, Choices, Choices, . . .
,Part 1: The
Basics
, WHAT IS ECONOMICS???
Economics – the study of how individuals
and societies make decisions about ways
to use scarce resources to fulfill wants and
needs.
What does THAT mean?!!??!!
, The Study of Economics
Macroeconomics
– The big picture: growth,
employment, etc.
– Choices made by large
groups (like countries)
Microeconomics
– How do individuals make
economic decisions