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ECN 110 (26)
Lecture

CECN110-Chpter 1-The Economic Problem.doc

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Department
Economics
Course
ECN 110
Professor
Tsogbadral Galaabaatar
Semester
Spring

Description
THE ECONOMIC PROBLEM1 HOW ECONOMISTS THINK1 The Economic Problem1 Economist assume that people behave rationally2 Economic problem revolves around having unlimited wants but limited resources3 Economic resourcestheir Rewards Incomes includea Natural resources incomeRentb Capital resources incomeInterestc Labour incomeWagessalariesd Entrepreneurshiprisktaking incomeProfit2 Economics Defined1 The study of how to distribute scarce resources among alternative ends2 Typesa Microeconomics Individual participants in various marketsb Macroeconomics Total economy 3 Economic Models1 Generalizations aboutsimplification of economic reality Laws principles theories2 CauseEffect InverseDirect Relat
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