UNIT 1

Macroeconomics              V.       Miroeconomics 

  *Study of economy as a whole                       *Study of individual or certain units of the economy

       Ex. minimum wage , intention trade                        Ex.market structures

        supply & demand 

Positive economics v.     Normative economics 

   *claims that attempt to descried the world as is        *how the world should be 
Needs                      v.     Wants
*basic requirements for survival                                *desire
Goods                      v.    Services
*Tangible commodities                                            *Work done
1.CAPITAL
2.CONSUMER
Scarcity                    v.   Shortage
*most fundamental economic problem that                *quantity demand is greater than supply
all society faces