Introduction to Economics

Economics primarily focuses on the allocation of scarce resources to satisfy unlimited human wants.

Paul A. Samuelson defines economics as the study of how societies use limited resources for producing goods and services over time.

Microeconomics focuses on the behavior of individual economic units such as consumers and firms.

<p>Macroeconomics deals with the overall performance of the economy as a whole, unlike microeconomics which focuses on individual units.</p> Signup and view all the answers

<p>The terms 'microeconomics' and 'macroeconomics' were first used in 1933.</p> Signup and view all the answers

The study of how people use limited resources to satisfy unlimited wants.

How societies use limited resources to create goods and services, considering both the present and future.

The study of individual economic parts, like consumers and businesses.

The study of the overall economy.

Not having enough of something to satisfy everyone's wants.