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ECON 208 Final: ECON 208 - All Lecture Notes (FULL SEMESTER)

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Department
Economics (Arts)
Course
ECON 208
Professor
El- Attar Mayssun
Semester
Fall

Description
1 ECON 208 NOTES CHAPTER 1 ECONOMIC ISSUES CONCEPTS Consumer = satisfactionutility Producer = Profit K market = Macro L market = Micro Watch: A career in Economics its much more than you think 1.1 What is Economics? The study of the use of scarce resources to satisfy unlimited human wants. (Always want more than less) but Resources limited! Problem for economy overall = scarcity> forced to make choices Resources: land (l); Labour (L); Capital (K) financial or physical (in micro = machines) = Factors of Production Outputs = goods (G) tangible or services (S) intangibles Scarcity choice: scarcity = choice > association cost = opportunity cost > value of best alternative optionway Scarcity of resources=choice=opportunity cost Example: p. 530 16 to spend: beer 4 pizza 2 Feasible combinations in green because of limited resources Green line uses all resources A Production Possibilities Boundary (PPB) Scarcity Choice
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