PJ+TomasS


 * Tomas Svitil**

Economics is the study of how people allocate their limited resources in an attempt to satisgy their unlimited wants. Econonmy is the study of how people make choices.
 * 12.8**
 * Definition of economics:**

The power lies within the chance to chose the "best" way to chose youre life - what would be the best for your career, what should we study, etc. The power to __reach informed judgements__ about what is happening in the world.
 * What is the power of Economic analysis:**

Microeconomics studies __decisions made by individuals__, or firms. Macroeconomics on the other hand looks at the __economy as a whole__.
 * What is the difference between micro and macro Economics.**

Adam Smith was a scottish moral philosopfer and a pioneer of political economics. One of the key figures of the [|Scottish Enlightenment], Smith is the author of //[|The Theory of Moral Sentiments] // and //[|An Inquiry into the Nature and Causes of the Wealth of Nations] //. The latter, usually abbreviated as //The Wealth of Nations//, is considered his //magnum opus// and the first modern work of [|economics]. Smith is widely cited as the father of modern economics.
 * Research : Adam Smith**