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definition:
economics: A social science that studies how individuals, firms, governements, and nations make choices on allocating limited resources trying to satisfy their unlimited wants. (a study of how to improve human happiness and sense of satisfation in life.) > uses math but also human behavior to explain the mechanismes.
studying irrationality of humans is also part of in economics > its a social science not a perfect science because it involves human behavior which can sometimes be negative. Therefore, economics cannot give us definit answers. We understand the mechanisms with prediction not certainty.
microeconomics: concentrates on the choices of individuals consumers and firms. (specific)
macroeconomics: focuses on the behavior of the whole economy. (generalizes)
unlimited wants, scarce resources (limited), resources use
what to produce? how to produce? who will receive goods and services?
an economic system is a system of production and exchange of goods and services as well as allocation of resouce in a society.
a society can have:
~ planned economy: government decides how economic resources will be allocated.
~ market economy: decisions of householders and firms interacting in markets allocate economic resources.
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