Downloaded 30 times
Uploaded byRiphah International University Rawalpindi
PPT, PDF1,610 views
Basic Economics Concepts
Economics is the study of how individuals and societies make decisions about using scarce resources to fulfill wants and needs. It includes microeconomics, which examines individual decision-making, and macroeconomics, which looks at large-scale outcomes. Resources are limited but wants are unlimited, so choices and trade-offs must be made. The opportunity cost of a choice is the value of the next best alternative forgone. Production uses factors of land, labor, capital, and entrepreneurship to transform inputs into goods and services for consumers.
