Advertisements
jump to navigation

Economics: Role and Method of Econ (1.1-1.5) January 16, 2015

Posted by OromianEconomist in Economics, Uncategorized.
Tags:
trackback

???????????

‘Economics is the study of choices we make among our many wants and desires given our limited resources. With unlimited resources we wouldn’t have to worry about scarcity.
Resources are inputs that we use to produce goods and services. These include Capital, Entrepreneurship, Land and Labor (CELL). Capital is the goods we make to produce other goods. Entrepreneurship are machines that are used to make products. Land is our natural resources and Labor is the human effort put into making products. Scarcity is defined as products that are desirable but limited. These cause us to change our decision and and give up opportunities that we value, this is known as the Economic Problem.’

Pepperdine Summary Notes

1.1

Economics is the study of choices we make among our many wants and desires given our limited resources. With unlimited resources we wouldn’t have to worry about scarcity.

Resources are inputs that we use to produce goods and services. These include Capital, Entrepreneurship,  Land and Labor (CELL). Capital is the goods we make to produce other goods. Entrepreneurship are machines that are used to make products. Land is our natural resources and Labor is the human effort put into making products.

Scarcity is defined as products that are desirable but limited. These cause us to change our decision and and give up opportunities that we value, this is known as the Economic Problem. Every person, worker and firms all face the Economic Problem. Consumers have to decide what to buy, save and how much of their money to invest. Workers have to decide where to work, what to do…

View original post 469 more words

Advertisements

Comments»

No comments yet — be the first.

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: