Description

The introduction explains that microeconomics is the study of how individuals, businesses, and organizations make choices and how those choices interact in markets. The authors present economics as a way of thinking that helps explain everyday decisions, from personal choices to business strategies and government policies.

The introduction emphasizes that economics begins with the idea of scarcity—people and societies have limited resources but unlimited wants, so they must make choices. Understanding these choices requires examining trade-offs, incentives, and the consequences of decisions.