basic micro

is the science of scarcity.

• economics

• MACROeconomics

• MICROeconomics

is the condition in which our wants are greater than our limited resources.

• microeconomics

• scarcity

• economics

Economics is the study of

Study of small economic units such as individuals, firms, and industries (competitive markets, labor markets, personal decision making, etc.)

• macroecononics

• microeconomicsd

• economics

Study of the large economy as a whole or in its basic subdivisions (National Economic Growth, Government Spending, Inflation, Unemployment, etc.)

• macroeconomics

• microeconomics

• economics

Economists use the scientific method to make generalizations and abstractions to develop theories. This is called_____

• theoretical economics

• policy economics.

These theories are then applied to fix problems or meet economic goals. This is called

• theoretical economics.

• policy economics.

Based on facts. Avoids value judgements (what is).

• Positive Statements

• Normative Statements

Includes value judgements (what ought to be).

• Positive Statements

• Normative Statements

Thinking on the margin.margin is iclude____

• MARGINAL ANALYSIS

• ANALYSIS

• margin