Abstract
This chapter provides a introduction to the study of economics. Economics is the study of how consumers, firms, and governments make decisions that together determine how resources are allocated. An appreciation of economics and the general workings of the economy have become increasingly necessary to understand government policymaking, the conduct of businesses, and the enormous changes in economic systems which are occurring throughout the world. This chapter covers microeconomics and macroeconomics, including topics such as production, markets, demand and supply, inflation, and consumer behavior.
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Notes
- 1.
Carl Menger von Wolfensgrün (1840–1921) was an Austrian economist who wrote Principles of Economics in 1871 and is considered by many to be the founder of the Austrian School of Economics. Menger contributed to the development of the theories of marginalism and marginal utility, which rejected the cost-of-production theory of value, such as developed by classical economists such as Adam Smith and David Ricardo. As a departure from such, he would go on to call his resultant perspective, the subjective theory of value.
- 2.
Capital goods are distinct from consumer goods in that capital goods are used in the manufacture of another good or service. For example, capital goods include industrial and commercial buildings, but not private housing. A commercial aircraft is a capital good, but a private jet is not. Of course, some goods can be both (e.g., computers and cars), depending on how they are used.
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Sapiro, A. (2024). Introductory Economics. In: Strategic Management. Classroom Companion: Business. Springer, Cham. https://doi.org/10.1007/978-3-031-55669-2_1
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