Economics Basics
The study of how to satisfy unlimited and competing needs/wants with scarce resources
Economics?
This is a useful, tangible item
Goods
Exists when there are not enough resources to satisfy human wants
What is the value of something that is given up to get something else that is wanted?
Opportunity cost
macroeconomics
statistics
Work that is performed for someone
Services
Give an example of something that is scarce
anything with not enough resources
Where did Miss Morelli go to school?
Cbu
What is the study of economic behavior as it is, not as it should be
positive economics
Give an example of a need
anything that is necessary for survival
An example of this would be toilet paper
Non Durable Goods
what is the alternative people give up when they make choices?
trade-off
What is the additional satisfaction from using one more unit of a product?
marginal benefit
What is the study of how the economy should work?
normative economics
Give an example of a producer
anyone that makes goods or produces services
example of this good would be a refrigerator
durable good
When is grandparents day?
Friday
What is the approach that weighs the benefits of an action against its costs?
cost-benefit analysis
consumer
What are the four factors of production?
Land
Labor
Capital
Entrepreneurship
Item we would like to have, but not necessary for survival
wants
What are the 3 economic questions that scarcity leads to?
What will be produced?
How will it be produced?
For whom is it being produced?
I want to go to NYU but I also want to go to Chaffey College. I decided on going to Chaffey. What is my opportunity cost?
going to NYU
Who is a person who makes goods or produces services?
Producer