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Economics is the study of _____. • Economics is the science of scarcity. • Scarcity is the condition in which our wants are greater than our limited resources. • Since we are unable to have everything we desire, we must make choices on how we will use our resources. The Principles of Economics With Applications to Practical Problems. This note describes the following topics: Economic Motives, Wealth And Welfare, The Nature Of Demand, Exchange In A Market, Psychic Income, The Law Of Diminishing Returns, The Theory Of Rent, Repair, Depreciation, And Destruction Of Wealth, Capitalization And Time-value, The Money Economy And The Concept Of Capital, Interest. Micro economics is the study of individual market. It deals with the problems of a consumer, firm, industry and a region. Macro economics is the study of the whole economy. It deals with the problems of unemployment inflation, economic growth, balance of payment and exchange rate. Needs and wants. Needs are necessities of life without which one Missing: download.

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