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Economics is the study of how society manages its scarce resources. Economy is the system or range of economic activity

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Economy14/2011TEN PRINCIPLES OF ECONOMICS1ECONOMICS VS. ECONOMYEconomics is the study of how society managesits scarce resources.Economy is the system or range of economicactivityactivity in a country, region, or community.region or2WHAT ECONOMICS IS ALL ABOUTScarcity: the limited nature of societysresourcesEconomics: the study of how society managesits scarce resources, people decide what to buy,how much to work, save, and spendhow firms decide how much to produce,how many workers to hirehow society decides how to divide its resourcesbetween national defense, consumer goods, protectingthe environment, and other needs312/14/2011Economic AgentsHouseholdsFirmsGovernmentROW (Rest of the World)4THE CIRCULAR-FLOW DIAGRAM (A SIMPLE CLOSEDG&SsoldMarkets forGoods &ServicesFactors ofproductionWages, rent,profitG&Sbought5FirmsSpending

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