ECON-E 201 Lecture Notes - Lecture 1: Overproduction, Deadweight Loss, Coase Theorem
67
ECON-E 201 Full Course Notes
Verified Note
67 documents
Document Summary
Clicker question practice : the economic problem of scarcity can be. Define economics and scarcity and explain the economic problem solved . The study of how people allocate their limited resources to satisfy their unlimited wants. The study of how people make choice. Occurs when the ingredients(resources, inputs) for producing things that people desire are insufficient to satisfy all wants. The study of decision making undertaken by individuals (or households) and by firms. The study of the behavior of the economy as a whole. Distinguish between the two big economic questions. Two big questions summarize the scope of economics: Goods and services are the objects that people value and produce to satisfy human wants. Based on our unlimited wants and limited resources (scarcity) If more of a particular item is produced, then less of something else will be produced during the same period, with a given set of resources.
