1. Economics is the social science that studies production, distribution, exchange and consumption of goods and services, and the private and public choices concerning the allocation of scarce means and resources.2. Besides the traditional concern in production, distribution, and consumption in an economy, economic analysis may be applied throughout society, as in business, finance, health care, and government.3. At the turn of the 21st century, the expanding domain of economics in the social sciences has been described as economic imperialism4. The ultimate goal of economics is to improve the living conditions of people in their everyday life.5. Microeconomics examines how entities, forming a market structure, interact within a market to create a market system. 6. Economic efficiency describes how well a system generates desired output with a given set of inputs and available technology.7. Prices and quantities have been described as the most directly observable attributes of goods produced and exchanged in a market economy.8. For a given market of a commodity, demand is the relation of the quantity that all buyers would be prepared to purchase at each unit price of the good.9. In microeconomics, production is the conversion of inputs into outputs.10. People frequently do not trade directly on markets. Instead, on the supply side, they may work in and produce through firms.
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