Economics And Microeconomics : Microeconomics Essay

715 Words 3 Pages
Microeconomics is a subject I have always known very little about. My interest in the subject has grown since the start of this course. The introduction to economics informed me of some of the differences between macroeconomics and microeconomics. The introduction explains scarcity and many other small subjects in different ways. It also explained why I need to learn different information about economics and how it is important. My view on microeconomics is that it is an important and informational class that helps explain and make you think of another way to view the economy. Economics is how humans make decisions in the face of scarcity. Scarcity is when a human want for a good exceeds the amount that is available. Scarcity to me, was a concept I did not understand at the time of reading the chapter. How did scarcity affect the economy? It was not clear to me that scarcity is actually a big part of economics. In the book and the videos the professor provided, it explains scarcity happens everywhere even when we do not see it. It can happen with objects that we use daily for example food. If there happens to be a drought in your area food prices can go up. Of course if you have a good paying job and are not struggling to keep food on the table then this problem does not seem to affect you as much, but what happens when you do not have a good paying job or even no job at all? The food supply you had becomes scarce. Just looking at this one example makes you think of the…

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