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Money functions primarily as a medium of ____, a unit of ____, and a store of value.
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1. Introduction to Microeconomics
Introduction to Economics
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Economics is the study of:
A
the history and development of human societies
B
the artistic expression of cultures
C
the physical laws governing natural phenomena
D
how people allocate scarce resources to satisfy unlimited wants
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Understand that economics is primarily concerned with how individuals and societies make choices when faced with scarcity.
Recognize that scarcity means resources are limited, but human wants and needs are unlimited.
Focus on the concept of allocation, which involves deciding how to distribute these limited resources efficiently.
Identify that economics studies the decision-making processes that help satisfy as many wants as possible given these constraints.
Conclude that economics is not about history, art, or physical laws, but about the allocation of scarce resources to meet unlimited wants.
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