Microeconomic theory in a static environment
Abstract
“Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses.” (An Essay on the Nature and Significance of Economic Science, chapter I, p. 15, Lionel Charles Robbins). Economics can be seen as the science that studies the always present trade-off between the benefits and the sacrifices that human beings have to face and compare, when they are called to make decisions and act in the economic areas (e.g., labor, consumption, production, wealth distribution, etc.). Economics is therefore studying how best to allocate scarce resources among competing uses. The goal of this chapter is to cover the core concepts ...
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