The word economy comes from a Greek word for “one who manages a household.”Ī household and an economy face many decisions: Who will work? What goods and how many of them should be produced? What resources should be used in production? At what price should the goods be sold?Įconomics is the study of how society manages its scarce resources. Manning, University of Ottawa.Ĥ Learning Objectives Learn that economics is about allocation of scarce resources Examine some of the tradeoffs that people face Learn the meaning of opportunity costs See how to use marginal reasoning when making decisions Discuss how incentives affect people’s behaviour Consider why trade among people or nations can be good for everyone Discuss why markets are a good, but not perfect, way to allocate resources Learn what determines some trends in the overall economyĥ Economy. Karscig, Central Missouri State University and Linda M. PowerPoint® Lecture Presentation to accompany Principles of Microeconomics, 3rd Canadian Edition Mankiw, Kneebone, McKenzie, Rowe Prepared by Mark P. 1 Principles of Microeconomics, 3rd Canadian Edition
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