PRINCIPLES OF MICROECONOMICS ABSTRACT This document discusses several economics concepts and terms. Some of the concepts and terms that are reviewed are economics in general, microeconomics, macroeconomics and the law of supply and demand. Additionally, it reviews a seminal article regarding consumption of water as a valuable resource in terms of consumption patterns and other important observations. DEFINITIONS Economics Economics is a particular field of study within the social science category of sciences. Its primary subjects of study are production, distribution, trade and consumption patterns of goods and services in any given economy (Overview, 2008). Economics is divided in to two branches of studies: microeconomics and...The end:
.....nd environmental observer understands how consumptive developed societies have become. Some might argue that societies have been coerced into the over consumption of water resources by the very manufacturers who rely on the revenues produced by the hyper-animated consumption they have created. REFERENCES Amin, S. (1993). Can Environmental Problems Be Subject To Economic Calculations? Monthly Review, 45, p.16+. Conant, J. (2007). Supply and Demand. Encyclopedia of Business and Finance, vol.2. Macmillan Reference, Detroit. Hayek, F. (1945). The Use of Knowledge in Society. American Economic Review, XXXV/4, p.519. Overview: Microeconomics. (2008). Everyday Finance: Economics, Personal Money Management, and Entrepreneurship. Gale, Detroit.