Introduction to Economics

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Introduction to Economics

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Presentation transcript:

Introduction to Economics Day 1

Economics The study of how society allocates its scarce resources among its unlimited wants and needs.

Economics

Scarcity The basic economic problem that occurs because our desires exceed the resources that exist in our society.

Opportunity Cost The value of any alternative that you must give up when you make a choice.

4 Resource Categories

Land (Natural Resources) “There is nothing wrong with any poor country that the discovery of oil can’t cure.”

Labor Energy, talent, and physical activity to produce work.

Labor

Capital Resources that have been created to produce other goods and services.

Entrepreneurship The willingness and ability to innovate, to take risks, and to organize factors of production.

Closure Factors of production overhead.