Consumer goods are products that are intended for use by individuals, such as shoes, backpacks, cars, or computer. Because goods and services may be scarce, they will command a price. We acquire things or services to satisfy our wants and needs. When we purchase goods and services, we are consumers.
The most well-known theories are probably those of supply and demand, but you will learn many others.Įconomic products are goods and services that are considered transferable, scarce and useful to individuals, businesses, or governments.
Both micro and macroeconomics are explained with theories and models. Instead, they use the graph of the theory to help them figure out the solution.Īlthough at the basic level, you can sometimes figure out the right answer without applying a model, if you keep studying economics before too long you will run into issues and problems that you will need to graph to solve. In this course, we will mostly use graphs.) Economists do not figure out the answer to the problem first and then draw the graph to illustrate. In economics, theories are expressed as diagrams, graphs, or even as mathematical equations. Then they use the theory to derive insights about the issue or problem.
When they see an economic issue or problem, they go through the theories they know to see if they can find one that fits. \)Įconomists carry a set of theories in their heads like a carpenter carries around a toolkit.
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