Economics Notes
Subject:
Economics [1]
Tags:
economics [12]
Economic theories [13]
Consumer theory [14]
Marginal concepts [15]
Microeconomics [16]
Welfare economics [17]
Supply and demand [18]
Marginalism [19]
Marginal utility [21]
demand [22]
Externality [23]
Business [24]
Crowding Out - is what happens when a mega sports event attracts fanatics but drive agnostics away Substitution - when consumers shift their spending, instead of increasing their overall consumption Leakage - the tendency for money to circulate out of rather than through a local economy Economics - Social science concerned with the efficient use of limited resources to achieve maximum satisfaction of economic wants (study of how individuals and societies deal with scarcity) What is economics? -science of scarcity (the condition in which our wants are greater than our limited resources) -since we are unable to have everything we desire, we must make choices on how we use our resources -in economics we will study the choices of individuals, firms and governments