ECON 102 Lecture Notes - Lecture 1: Human Capital, Decision-Making

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ECO102Lecture1IntroductiontoEconomics
Whatisaneconomy?
 Interrelatedactivitiesinvolvingproductionandconsumptionofgoods
CircularFormDiagram(ClosedEconomy)
Whatiseconomicsabout?
Allocatingofresourcesinthepresenceofscarcity→Resourcesarescarcewhilewants
anddesiresareunlimited
Resources
● Thingsofvaluethatareusedtoproducedotherthings(a.k.afactorsofproduction)
○ *Canonlyincreasebytakingitawayfromsomeoneelse*
● Land:
○ naturalresources(minerals,water,forests,etc)
● Labor:
○ Humaneffortinproduction
● Capital:
○ PhysicalCapital:machinery/equipmentusedinproduction
○ Humancapital:thestockofknowledgeandskillinproducinggoodsandservices
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