Textbook Notes (369,133)
United States (206,214)
Economics (193)
ECON 102 (58)
Chapter 1

ECON 102 Chapter 1.docx

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ECON 102
Logan Mc Leod

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Chapter 1 Economics - The study of how people allocate their limited resources to satisfy their unlimited wants. Resources ● Land - Anything provided by nature ● Labor - physical and mental efforts of human beings ● Capital - Anything that are produce which in turns is used to produce other goods and services ○ Physical capital - machines, tools, equipment ○ Human capital - skills developed by education and training ● Entrepreneurship - the ability to recognize profitable opportunities to put together the resources necessary to take advantage of them. Micro vs Macro Microeconomics - The study of decision making undertaken by individual economics agents ● Firms ● Households ● Government Macroeconomics - The study of the economy as a whole ● unemployment ● inflation ● GDP ● National Income 3 Basic Micro Questions 1. What to produce 2. How to produce 3. For whom to produce Command Economy - a central authority makes thes
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