Micro Intro.

Hey, again, when I was first introduced to Economics, my first lesson was a microeconomics one.

It started of with the teacher, who was a really nice guy and had good explanations and examples for some of the economic issues we learnt about, but the first thing we learnt, what economics is.
By the text book, apparently there is a problem, the economic problem: the allocation of sarce resources and raw/finite materials we have to our disposal, to meat our needs and wants well, if they were running really low we would want them to meet our needs a a very minimum, but for example now, we do hear about depleting resources and them running low/out, we still get our wants in luxury goods.

So we can class our needs: as goods and services that we require to help us to survive for example: food/shelter/possibly petrol/diesel to get to work so we cn buy od ecm

Our wants can be classified as goods that we can survive without neveryday living, goods which are basicall luxuries as have said before, and also goods which are normal goods, I would say too these goods are goods which the cnsumption increases when there is an increase in income of cnsumers. So consumers ae more discretionary/dispoosable income to spend and buy more of goods.

Examples of luxury goods include: goods such as fast cars, plasma sreen tvs.

I look to hopefully follow this on with the summary of my micro economics course, leave a comment and ask for specific modules for me to help with :).