The problem of unlimited wants and finite resources: most basic and important problem in economics
unlimited wants ♾️ >>> finite resources 🔨
Macroeconomics vs Microeconomics
Microeconomics is a branch of economics that deals with the behaviour of individual economic units - consumers, firms and workers - as well as the market that these units comprise.
Macroeconomics is a branch of economics that deals with aggregate economic variables, such as the level and growth rate of national output, interest rates, unemployment and inflation.
The resources that can be replenished and not depleted when used.
ex) wind energy, solar energy and water power
The resource that cannot be replenished.
ex) carbon-based fossil fuel, groundwater
This has no opportunity cost and needs no conscious effort to obtain them. A free good is a good that is not scarce and therefore is available without limit.
if someone invents a new device, many people could copy this invention, with no danger of this "resource" running out. Other examples include computer programs and web pages.
ex) air
This scare in relation to its demand.