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Economics

Explain the basic ideas of microeconomics.

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter1: What Is Economics

Section1.3: What Do Economists Do?

Problem 1R

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Welfare Analysis

Welfare analysis of the society is related to welfare economics. From the economic point of view former welfare economics refers to that subject which uses the techniques of microeconomics to analyse and evaluate the welfare at the economic or aggregate level.

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1) Explain the basic ideas of microeconomics.

2) Explain what “economics” means from the perspective of the individual, a business, and society.

3) Explain the concepts of scarcity, economic value, and opportunity costs.

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