Chapter 1: Economics (C2159679)

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Word count: 129 words

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Microeconomics relates to the study of economics at a micro, or personal scale. Accordingly, it looks at how households and firms make decisions to allocate limited resources.

Opportunity cost

Opportunity cost is the cost of doing something. For example, if I married Selena, the opportunity cost of that would be to marry Miley, or another girl.

Supply and demand

The supply and demand curve is a graph of price versus quantity, with the demand curve a negative slope, and the supply curve a positive slope.


Macroeconomics relates to the study of economics on the macro, or global scale.

Macroeconomics looks at economy-wide issues, such as growth, inflation and unemployment

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