Buffl
Buffl
VWL

Lecture 1

DD
von Dosty D.

Define the word “Economics“

Economics is…

- the social science…

- concerned with the efficient use of limited resources…

- to achieve maximum satisfaction of human wants

What does “Scarcity” means in general and for us?

What type of “Economical Assumptions” exist and can you full rely on them?

What is the difference between Micro- and Macroeconomics?

What is a buisness entity?

What types of organizations in Economics exist and which one does things for Profit?

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Author

Dosty D.

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