Microeconomics (MPME51112)
Durban University of Technology (DUT)
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PRINCIPLES OF MICROECONOMICS (CHAPTER 1 -14) MPME51113, PRMI101
- Summary • 39 pages • 2025
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Chapter 1
1.1. Scarcity, Choice, Opportunity Cost
• The economic problem arises because the resources that we have available for the production of goods and services are
limited, while our wants for goods and services are unlimited.
• Definition of Economics: Economics is the study of how society decides what, how and for whom to produce
• Wants are human desires for goods and services. Our wants are unlimited.
• Needs are necessities, those things that are essential for survival,...
Summary
PRINCIPLES OF MICROECONOMICS (CHAPTER 1 -14) MPME51113, PRMI101
Last document update:
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Chapter 1 1.1. Scarcity, Choice, Opportunity Cost • The economic problem arises because the resources that we have available for the production of goods and services are limited, while our wants for goods and services are unlimited. • Definition of Economics: Economics is the study of how society decides what, how and for whom to produce • Wants are human desires for goods and services. Our wants are unlimited. • Needs are necessities, those things that are essential for survival,...
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