Economics The allocation of scarce resources among competing uses. What are the scarce resources?

Resource 1: Land

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Resource 2: Labor Surgeon Salaries Cardiovascular Surgeon New York $507,829 Miami $429,728 General Surgeon $249,700 $336,000

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Resource 3: Capital Automotive Plant Classroom

Resource 4: Entrepreneurial Spirit . Warren Buffett Net Worth $73 billion Michael Dell Net Worth $21 billion Bill Gates Net Worth $81 billion Ted Turner Net Worth $2.2 billion Oprah Winfrey Net Worth $3 billion Mark Cuban Net Worth $2.7 billion

Self made millionaires Buddy Valastro $10 million Kim Karashian $65 million Jay-Z $560 million

Basic Economic Terms Scarcity is a situation in which the amount of something available is insufficient to satisfy the cumulative desire for it. goods, services, and markets Microeconomics is the study of the branches (sectors) of the economy .Some of the sectors are: retail and wholesale trade, construction, agriculture, mining, manufacturing, and government. Within each sector there are a plethora of sub categories (industries). Macroeconomics takes a broader approach to addressing economic questions. Instead of analyzing a specific sector, macroeconomics deals with the overall picture. For example what is the role of the government in an economy? How have prices changed overtime? What is the unemployment rate of the U.S.? What is the growth rate of the US economy ? Marginal Analysis is the analysis of the effect of incremental, additional changes that ultimately impact a market. Positive Economics just the facts, if then statements. If income rises then consumption will rise. Normative Economics the area of economics that is concerned with whether economic policies are good or bad. Objective of Microeconomics From a Business Perspective: To determine an amount to charge, and an amount to produce. Fields of Economics Public, Finance, Monetary, International, Labor, Environmental, Industrial Relations, Developmental Other Terms of Interest Opportunity cost - the cost of a good or service measured in terms of the highest valued alternative Invisible Hand: Let the demand of the consumers determine what should be supplied. Ceteris Paribus “holding everything else constant”

Additional Notes Economics is the study of the allocation of scarce resources among competing uses. The resources that need to be allocated are land, labor, capital, and entrepreneurial spirit. In the U.S. the resources are allocated by money. The purchasing entity - whether it is a person, business or the government – with the most money receives the goods and/or services that are available. The more entities competing for the scarce resource, the higher the resources monetary value.