Economics Today The Micro View Chapter 1 Terms
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Key Economics Concepts and Definitions
1. Economics ️: The study of how people allocate their limited resources in an attempt to satisfy their
unlimited wants. It explores how individuals make choices.
2. Resources ️: ...
1. Economics ✔️: The study of how people allocate their limited resources in an attempt to satisfy their
unlimited wants. It explores how individuals make choices.
2. Resources ✔️: Things that have value and are used to produce goods and services that satisfy
people's wants.
3. Wants ✔️: All the items that people would purchase if they had unlimited income.
4. Microeconomics ✔️: The part of economic analysis that studies decision making undertaken by
individuals (or households) and by firms.
5. Macroeconomics ✔️: The part of economic analysis that studies the behavior of the economy as a
whole, dealing with economy-wide phenomena such as changes in unemployment, the general price
level, and national income.
6. Economic System ✔️: The institutional mechanism through which resources are utilized to satisfy
human wants.
### Fundamental Questions of Economics
7. Three Fundamental Questions of Economics ✔️:
1. What and how much will be produced?
2. How will items be produced?
3. For whom will items be produced?
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