The Principles Of Microeconomics Has Covered Much About How An Individual 's Choice Can Affect The Economy

1217 Words Nov 25th, 2015 null Page
Principles of Microeconomics has covered much about how an individual’s choice can affect the economy. According to “Microeconomics Brief edition” written by Campbell McConnell, economics is the social science that studies how the society manages its scarce resources. Microeconomics helped me master principles of economics and identify economic problems. Topics such as scarcity, supply, demand, and equilibrium and economic system. These topic have been covered in class but I would like to explain it my way.
The first topic to be discussed is scarcity. Scarcity is when society has limited resources and there cannot produce all the goods and services people wish to have. In other word scarcity is limited amounts of important things we use every day such as gasoline, diamonds, gold, water, natural gas, coal and etc. It is something we want more of but in reality there are limited amount of it. Having unlimited wants and needs that cannot be fulfilled leads to scarcity. When it comes down to scared resources, we usually notice the prices of those goods and services go up. For example, gas is required in many vehicles today. In order for most people to transit from work to home or school or whatever they choose to do, they need a vehicle. One thing the vehicle need to operate is gasoline, lets keep in mind that they are many people who drive. This is illustrates unlimited wants and but limited resources. In this case the unlimited want is the gasoline, because we need it to get…

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