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About Introduction and Basic Concepts Economics
This document provides an overview of key economic concepts: [1] It defines microeconomics as the study of individual households and firms, and macroeconomics as the study of overall economic aggregates like output and unemployment. [2] It explains that resources are scarce because the demand for resources always exceeds their available supply, forcing people and societies to make choices. [3] It introduces opportunity cost, defined as the next best alternative forgone when making a choice, and explains how even "free" items like public education impose opportunity costs on society.
Detailed Information
| Author: | ['Hitisha agrawal '] |
|---|---|
| Publication Year: | 2020 |
| Pages: | 12 |
| Language: | English |
| Format: | |
| Price: | FREE |
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