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| Study of the efficient use of scarce productive resources toa chieve maximum satisfaction of human material wants. |
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Land
Labor
Captial
Entrepreneur |
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Definition
Factors of Production or
Economic resources |
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Economists view the world through the lense of scarcity
Three elements make this up:
Scarcity and Choice
Purposeful behavior
Marginal Analysis |
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There is a limited amount of resources
We must make choices
Opportunity costs: Alternatives |
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As individuals we strive to attain goods and services that are going to give us satisfaction or "utiltiy"
It's not selfishness, but making decisions with some desired outcome in mind |
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Marginal means extra or additional
When marginal costs equals marginal benefit that is always the best deal. |
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| the aggregate or big picture of the economy |
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| The small pieces of the economy such as the individual or the individual firm/business |
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statement of facts
"what is" |
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To better understand this individual choice and with our limited income we must make choices of goods and services that would give us the greatest amount of satisfaction.
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| We have this as we move along the budget line. they're also called opportunity costs |
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| land and natural resources |
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Captial
Factories
computers |
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| Risk taker, idea person, maanger of business |
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To help us understand what to produce.
You must assume that there is full employment with workers doing what they're trained to do.
you have the best resources
a fixed technology
and only two products |
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Definition
| Production Possibility Table and Curve |
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| Because an event took place first, Thereofre a second even then took place |
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| Prevents us from reaching the production possibilities curve |
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| Unemployment, Growth and Future. |
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More labor: grow the population through more births, immigration increases, work beyond normal retirement date
more and improved technology
international trade |
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