Microeconomics

12 December 2016

Economics Unit 1 Introduction to Economics Introduction to Economics What is Economics? Scarcity – definition: something is scarce when it is both desirable and limited. Not all goods are scarce. Some goods that humans consume are infinite… Place the following words under the correct category, Scarce or Not Scarce Scarce or Murderers Computers Swiss francs factory workers Water HIV Oxygen Mosquitos British Pounds Doctors Creativity Nitrogen Sewing machines Diamonds Worms

Utility: The economists word for happiness. Economists assume that rational consumers always behave in a way that maximizes their utility. Free vs. Economic goods: • Free goods are those that are desired but not limited. A free good is available in as great a quantity as desired with zero opportunity cost to society. Air is a free good. Sunlight is a free good • Economic goods are those that are desired and limited. This is most resources and goods in society. They are economic because the supply is limited, therefore there is a price attached to them, or an opportunity cost associated with their use.

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