Econ 111
DEFINITION Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people. Economics may be defined as a science that deals with the activities of man in obtaining wealth for the satisfaction of his wants. Economics is the art of making a living. Economics is the proper allocation and efficient use of available resources for the maximum satisfaction of human wants. Economics is the branch of social science that deals with the production and distribution and consumption of goods and services and their management.
Economics is the science that deals with the production, distribution, and consumption of wealth, and with the various related problems of labor, finance, taxation, etc. (Webster's New World) Economics is the study of choice and decision-making in a world with limited resources.
Right and prudent administration of assets, Public wealth, set of services and economic interests. The study of the choices people make to cope with scarcity. Economics is the study of how to use our limited resources to satisfy our unlimited wants as fully as possible.
DIVISION OF ECONOMICS Microeconomics is that branch of economics that deals with the economic behavior of individual units such as consumers, firms and the owners of the factors of production, for example, the price of rice, the number of workers of PLDT, the income of Mr. Garcia, etc. Micro means small, thus microeconomics deals with the study of the small units of the economy. Macroeconomics is that branch of economics that deals with the economic behavior of the whole economy such as government, business and household. Examples of macroeconomic studies are national income, employment and inflation. Microeconomics and macroeconomics are closely related, for example, compared with the human body, the microeconomic units are the heart, kidney, lungs and other parts. The macroeconomic
Economics is the science that deals with the production, distribution, and consumption of wealth, and with the various related problems of labor, finance, taxation, etc. (Webster's New World) Economics is the study of choice and decision-making in a world with limited resources.
Right and prudent administration of assets, Public wealth, set of services and economic interests. The study of the choices people make to cope with scarcity. Economics is the study of how to use our limited resources to satisfy our unlimited wants as fully as possible.
DIVISION OF ECONOMICS Microeconomics is that branch of economics that deals with the economic behavior of individual units such as consumers, firms and the owners of the factors of production, for example, the price of rice, the number of workers of PLDT, the income of Mr. Garcia, etc. Micro means small, thus microeconomics deals with the study of the small units of the economy. Macroeconomics is that branch of economics that deals with the economic behavior of the whole economy such as government, business and household. Examples of macroeconomic studies are national income, employment and inflation. Microeconomics and macroeconomics are closely related, for example, compared with the human body, the microeconomic units are the heart, kidney, lungs and other parts. The macroeconomic