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A new startup airline is offering free round-trip tickets anywhere to the first 600 people who enter the office on the airline's first day of business. You arrive 24 hours before your scheduled opening to make sure you get a free ticket, and you buy food from vendors while waiting in line. The cost of the ticket to you is the cost of your food while you wait in line and the opportunity cost of your time.
Economics can be defined as the study of how individuals, businesses and governments make choices in allocating resources to meet their needs. These groups determine how resources are and how they are organized and coordinated to achieve maximum results. They are mostly concerned with the production, distribution and consumption of goods and services.
The economy is divided into two important parts, namely: Macroeconomics & Microeconomics
- Microeconomics can be defined as the study of decisions made by people and businesses regarding the allocation of resources and the prices of goods and services.
- Macroeconomics can be defined as a branch of economics that describes a substantial picture
You can learn more about Economics here brainly.com/question/28208676
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