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

2. Resource 1: Land

3. Apartment in Upper East Side
 Manhattan Apartment Rental  Upper East Side 154 W. 70th St. New York, NY 10023
The Ormonde Apartment Building
Model 1A: 1 bedroom & 1 bathroom – 537 square feet
$2750 per month
Street parking available
Unfurnished

4. Renting in Chester
Price: $250
Beds: 2
Baths: 0

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

6. Not all jobs are the same!
How much would you have to be paid to do these jobs?

7. Cashier

8. Resource 3: Capital
Automotive Plant Classroom

9. Resource 4: Entrepreneurial Spirit.
Warren Buffett
Net Worth $50 billion
Michael Dell
Net Worth $18 billion
Bill Gates
Net Worth $65 billion
Ted Turner
Net Worth $2.1 billion
Oprah Winfrey
Net Worth $2.7 billion
Mark Cuban
Net Worth $2.5 billion

10. 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”