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The science of scarcity.
How individuals and societies deal with the fact that wants are greater than the limited resources available to satisfy those wants. |
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| Our wants are greater than the limited resources available to satisfy those wants. |
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| Economics Way Of Thinking |
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| View, interpret, analyze the world. |
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Definition
Anything that provides satisfaction.
Our wants include things that provide utility. |
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| Something that provides utility is called a good. |
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| Something that provides dis-utility is called a bad. |
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Definition
Goods that you are able to touch.
Example - A Car |
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Goods that you are not able to touch.
Example - Friendship |
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| 4 Catagories Of Resources |
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Definition
| Land, Labor, Capital and Entrepreneurship. |
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Natural Resources
Example - Trees |
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Physical and mental talents of people.
Example - Painting, Hammering, Pulling |
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Produced goods that can be used as inputs for further production. (Good used to make another good)
Example - Nails |
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