Econonomics Mr. Aas Bemidji High School

Micro Microeconomics is the branch of economics that examines the choices of individuals concerning one product, one firm, or one industry.

Macro Macroeconomics is the branch of economics that examines the behavior of the whole economy at once

Econ  Economics is the study of how people try to satisfy what appears to be seemingly unlimited and competing wants through the careful use of relatively scarce resources.

Scarcity The fundamental economic problem facing all societies is Scarcity. Scarcity is the condition that results for society not having enough resources to produce all the things people would like to have.

Need vs Want A need is a basic requirement for survival and includes food, water and shelter. A want is a way of expressing a need. Since a variety of wants can satisfy a need, wants tend to be broader than needs.

Products How did this product get to the table in your house? List from the farmer to the grocer.