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Apuntes

``` MODULE 1 ECONOMICS • Subtopic: Scarcity Scarcity is concerned with how scarce resources are allocated. It is often equated with poverty, but it is a relative concept. • Subtopic: Economic Agents There are three main economic agents: 1. Families - focused on consumption. 2. Companies - focused on production. 3. Government - involved in regulation and distribution. We have to decide: - What to produce - How to produce - For whom to produce • Subtopic: Economics as a Whole Economics involves growth and adaptation. It is divided into microeconomics and macroeconomics. Microeconomics studies the behavior of individuals, households, and companies in markets and how their interactions affect the supply and demand of goods and services. • Subtopic: Statements in Economics There are two types of statements in economics: - Positive statements: These are based on facts and descriptions, explaining what is. - Normative statements: These involve judgments and opinions, suggesting what should be. In economics, we have inputs that are converted into outputs: - Labour: Includes knowledge and resources. - Capital: Involves money and machines. - Entrepreneurship: Involves creating, o...