ECON 102 Lecture Notes - Lecture 2: Physical Capital, Human Capital, Decision-Making

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Money: tool to conduct business but not important by itself. Economics is a social science which is concerned with how people both individually and collectively make choices. Scarcity refers to the inability to satisfy all human wants and desires with the available resources. These are things of value that are used to produce other things. Money is not capital in economics, it is not a resource. A resource is something that can be used directly to produce other things. Labor: the people that provide physical and mental effort. Human capital the stock of knowledge and skill obtained through education and training. Economics is a study of how we allocate scarce resources to satisfy human needs and wants. Because resources are scarce, every society must deal with three fundamental economic problems: What goods and services should be produced. How much of each good or service should be produced.

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