In this chapter we introduce the “Laws” of demand and supply. But we must recognize that economics is not an exact science. As Alfred Marshall (Principles of Economics: An Introductory Volume, 1890) explained: “The laws of economics are to be compared with the laws of the tides, rather than with the simple and exact law of gravitation. For the actions of men are so various
1. What Is Macroeconomics?
Microeconomics is the study of the behavior of individual economic agents. Microeconomics asks how individuals allocate their time, income and wealth among various opportunities for labor, leisure, consumption, and savings. Microeconomics also studies the process by which individual firms decide on output levels, possibly prices, and the resources that will be used in the production process.
Managerial ECONOMICS For social enterprise — TERM PAPER
– Word Length: 1,500 words (excluding references and appendices)
– This grade is worth 90% of my term grade for Econ unfortunately, so it really has to be great. 🙁
FYI This is not as straightforward as one might think… I am currently getting my masters in ‘social entrepreneurship and innovation’, so all of the economic