Textbook Notes (368,795)
United States (206,114)
Economics (223)
ECON 102 (59)
Chapter 2

CoreMicroeconomicsChapter2.docx

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Department
Economics
Course
ECON 102
Professor
Rahul Sirohi
Semester
Spring

Description
CoreMicroeconomics: Exploring Economics pgs: 28­50 • Capitalist/Market Economies: Private individuals and firms own most of the  resources. Decisions determined by individual desires for products and profit­ making decisions by firms.  • Planned (socialist/communist) economies, resources are owned by the state and  most economic decisions are made by central government • Production: The process of converting resources into goods and services • Resources: Productive resources include land, labor, capital, and entrepreneurial  ability • Land: Includes natural resources such as mineral deposits, oil, natural gas, water,  and land in the usual sense of the word. Rent refers to the payment to land as a  resource. • Labor: Includes the mental and physical talents of individuals who produce  products and services. The payment to labor is called wages • Capital: Includes manufactured products such as tractors, welding equipment, and  computers that are used to produce other goods and services. 
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