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Scarce economic resources - PowerPoint PPT Presentation

Limits, Alternatives, and Choices

1. Limits, Alternatives, and Choices. Learning Objectives. In this chapter you will learn: The definition of economics and the features of the economic perspective. The role of economic theory in economics. The distinction between microeconomics and macroeconomics.

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300 views • 28 slides

Macroeconomics : Branch of economics that studies decision-making for the economy as a whole

Definition. Economics : The study of how society chooses to allocate its scarce resources in order to satisfy unlimited wants. Microeconomics : Branch of economics that studies decision-making by a single individual, household, firm, industry or level of government.

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306 views • 11 slides

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Scarce economic resources - PowerPoint PPT Presentation

Limits, Alternatives, and Choices

Macroeconomics : Branch of economics that studies decision-making for the economy as a whole