study of how individuals make choices about how to allocate and distribute scare resources and how they interact with each other
inescapable because resources are limited and human desires are insatiable
what we chose is what we must give up by making that choice
to understand economic analysis to describe economic phenomena and make predictions about what will happen under particular circumstances`
makes everyone involved better off
compare benefits and opportunity costs of each action that yields the greatest net benefit
describe economic phenomena and make predictions about what will happen under particular circumstances
to evaluate the merits of different situations
only way anyone can be made better off is by reducing the well-being of one or more other people
The study of the economic behavior and decision making of small units, such as individuals, families, and businesses.
the branch of economics that studies the overall working of a national economy
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