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.

Renewable resources

The resources that can be replenished and not depleted when used.

ex) wind energy, solar energy and water power

Nonrenewable resources

The resource that cannot be replenished.

ex) carbon-based fossil fuel, groundwater

Free goods

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

Economic goods

This scare in relation to its demand.