Arec 202 midterm - Study guides, Class notes & Summaries

What is economics, and what does it have to do with your life? The study of how people make choices under conditions of scarcity What is the difference between microeconomics and macroeconomics? Macro: the study of national economies and policies the government uses to improve performance. Micro: the study of choice under scarcity and its implications for behaviors of prices/quantities for an individual market. What are the opportunity costs in general? How are they being calculated in a t...