The word economics comes from ancient Greece (like so many words and important ideas) when an “economist” was the manager of an estate. Those very practical economists grappled with all the basic problems of economic decision-making facing a modern executive today. stream
%%EOF
Because something is limited, we need to make … ���5��>e �~A�E�B����"������KQ�=�ѿ�����sx��9�s PwC����7� �EӶ�ѨT�E�� *HPj��d237mi6ʒ�E����܃�Y�M�g_U��E~�yJ�L�p�\���)�&�p�{�N���sm�.�C�5��t��7��
m��7O9n��ڧ�8S�W� #8��ٰ[�6�uz������Z��Df����L�v&�I��_>O���Lw�R����Ͼ-��ʍ��Fr{(n���
j�j�|�U����o�z[�ZݓV�Z� 0000002069 00000 n
<>
4 0 obj
Academia.edu is a platform for academics to share research papers. endobj
0000002311 00000 n
Basic Economic Vocabulary • Needs are Necessitiesfor survival • Wants are Ways of expressing needs and/or goods and services consumed beyond what is necessary for survival. 0000001425 00000 n
3363 11
endobj
9cۥ��P�p�. • Goods are physical objects that can be purchased • Services are actions or activities performed for a fee MACROeconomics-Study of the large economy as a whole or in its basic subdivisions (National Economic Growth, Government Spending, Inflation, Unemployment, etc.) 0000003097 00000 n
��di�i�馒����>��Y�L�'���:v����;��q���%�w>�c�;���~��І�79
¡xr��^#e����Ki����\E����������V�ӱ7ӛ×���ŷ�x�h��R/����7�l5C^A��ﶌ�')g��4�Q͈�د��k�e�xP�D�Ɗ_���� i>�Pˡ�����"G ��&p����&5�q(~Z�ʑ1Z����$�o5<
y����Xq=g��^=��j[^^�ϙ�%HV*�. 3363 0 obj
<>
endobj
<]>>
trailer
0
%����
3 0 obj
<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>>
�a"���I�R�QF���8H3����](���_߿��������2_�u���x���w�0O��N���,әc�h�آ�=6���c3�[>sl�]K��S�$qt�����x�ߗ���ߢI���o�d��2
�3�"3�G�f��A���y�n���w���;!,o���9��rt�/�-�Ů]^G��]�����^�Ëm- ,@e~����f�.^�z'���AR:{U� .��� ������DY�Qf���Mb���:��pCn��a@�o�n�����r� 8b�хM�S�y��4Ƀ,��t_/������>��s?�izd�Ӂ!�0H�ϠP# xref
0000001665 00000 n
x��T�KSQ~�s��4ɹf͊ud�&wf�֦EE9�T[ԇފ startxref
endobj
1 0 obj
3373 0 obj
<>stream
0000002533 00000 n
%PDF-1.5
<>
0000000016 00000 n
0000003426 00000 n
Economics is the study of scarcity and choice Scarcity means that there is a finite amount of a good or service (Basically they are limited). 0000003347 00000 n
2 0 obj
<>>>
%PDF-1.4
%����
0000002012 00000 n
x��[[o�6~`��"QE�U�����.��A�E����r,�c�2n��﹐)��X��2E��w�sȊ�?�����Exs#n����}�I Study of small economic units such as individuals, firms, and industries (competitive markets, labor markets, personal decision making, etc.) incentives, trading, and maximization that come from economics. What is the Economics M. Welch CHS Unit 1: Basic Economic Concepts What is Economics? 0000000532 00000 n