October 12, 2018

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INTRODUCTION TO MICROECONOMICS

INTRODUCTION TO MICROECONOMICS

People make choices as they try to attain their goals. Choices are necessary because we live in a world of scarcity.
Scarcity: A situation in which unlimited wants exceed the limited resources available to fulfill those wants
Economicsis the study of these choices.
Economists study these choices using economic models, simplified versions of reality used to analyze real-world economic situations.

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