Basics Of Micro Economics
Microeconomics Basics of Economics Meaning of economy and economics Economy: A system of production and consumption activities that determines how resources are allocated among all of its participants. Economics: The study of how people make decisions under scarcity and how those decisions affect the allocation of resources and the production, distribution, and consumption of goods and services. Micro, Meso and Macro economics Microeconomics: The study of how individuals and firms make decisions under scarcity and how those decisions affect the allocation of resources and the production, distribution, and consumption of goods and services. Mesoeconomics: The study of the behavior of industries and sectors of the economy. Macroeconomics: The study of the economy as a whole, including topics such as economic growth, inflation, unemployment, and international trade. Types of economies Liberal and Neo-Liberal Economics: An economic system that emphasizes free markets, limited government