microeconomics

WHO IS ADAM SMITH?

• 18th-century Scottish economist

• 19TH CENTURY

• father of modern economics

It is a study of wealth and study of mankind?

• Lionel Robbins

• Alfred Marshall

• Adam smith

• Paul Samuelson

Most famous book in 1776?

• The Wealth of Money

• The Wealth of Nations

• The Economist

It is a study of wealth and study of mankind?

• Alfred marshall

• Lionel Robbins

• Richard Lipsey

• Paul Samuelson

The study of Human Behavior?

• - Lionel Robbins

• -AlfredMarshall

• Richard Liopsey

• Paul Samuelson

the study of the use of scarce resources?

• Lionel Robbins

• Paul samuelson

• Richard Lipsey

• Alfred marshall

the study of how people and society choose, with or without use of money?

• Richard Lipsey

• Paul samuelson

• Alfred Marshal

• Lionel Robbins

WHAT IS ECONOMICS?

• deals with the behavior of individual units

• is the study of how humans make decisions in the face of scarcity

WHAT IS SCARCITY?

• Informs decisions

• means that human wants for goods, services and resources exceed what is available

• It is about the behavior of individuals and firms.

WHAT IS MICROECONOMICS?

• deals with the behavior of individual units

• deals with the behavior of whole units