ECS2601 Microeconomics Notes

University of South Africa

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ECS2601-Microeconomics-Notes
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169

november 2021

2021/2022
ECS2601-Microeconomics-Notes
Dwayny
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College aantekeningen

ECS2601-Microeconomics-Notes
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169

november 2021

2021/2022
The word economy comes from a Greek word for “one who manages a household. Definition of Economics: the study of how society manages its scares resources. How do we go from managing a household to managing an economy? - A household and an economy face many decisions: o Who will work? o What goods and many of them should be produced? o What resources should be used in production? o At what price should the goods be sold? Society and scare resources: The management of society’s resour...
Dwayny
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ECS2601 Microeconomics Notes

University of South Africa

ECS2601-Microeconomics-Notes

ECS2601-Microeconomics-Notes