| Description: | Economics is the study of choice under conditions of scarcity: the resources needed to produce goods and services are limited compared to human desires. Economics is divided into two major areas. Microeconomics studies the choices of consumers, firms, and governments, and describes the working of markets. Macroeconomics studies the behavior of the entire economy. It explains phenomena like growth, business cycle, inflation and unemployment. This course is an introduction to economics. The basic principles of economics will be presented and applied in order to explain some features of the modern economy. |