1. Introduction to Economics
Day 1

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

3. Economics

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

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

6. 4 Resource Categories

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

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

9. Labor

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

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

12. Closure
Factors of production overhead.