صناعة النجاح

In this chapter, look for the answers to these questions: • What kinds of questions does economics address? • What are the principles of how people make decisions? • What are the principles of how people interact? • What are the principles of how the economy as a whole works? • Economics has two main branches:- • Micro economics and Macro economics What Economics Is All About § Scarcity :  the limited nature of society ’ s resources § Economics :  the study of how society manages its scarce resources, e.g. § how people decide what to buy, save § how firms decide how much to produce, how many workers to hire § how society decides how to divide its resources between national defense, consumer goods, protecting the environment, and other needs § The first 6 principles relate with micro economics while the rest relate to macro economics The principles of HOW PEOPLE MAKE DECISIONS PRINCIPLE #1:  People Face Tradeoffs All d...