1. ECO 101: Introduction to Microeconomics
Instructor: Naveen Abedin
Introductory Lecture

2. What is Economics?
Economics is the science that deals with the allocation of limited resources to satisfy unlimited human wants.
Human beings are always trying to buy more and more commodities (goods) and avail services to improve their standards of living. Thus we say humans have unlimited wants.
Resources (such as raw materials, skilled workers) are limited, and thus enough products and services cannot be produced to satisfy all of human wants.

3. Two branches of Economics
Microeconomics: The studies the behavior of individual economic players, such as consumers (people who buy products and services and utilize them), producers, workers, companies (firms).
Macroeconomics: The study of how an entire nation performs with regards to the production and distribution of goods and services.

4. Economic Decision-Making
In economics, we try to broadly answer the following questions:
What products (goods) or services will be produced and in what quantities?
Who will produce the goods and services, and how?
Who will receive the goods and services?