Day 2 - Today's Outline The Economic Problem Microeconomics...

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1 Microeconomics Principles First Principles Today’s Outline The Economic Problem Key Players z What are they trying to accomplish? Graphing – Refresher & Applications The Economic Problem Three parts to all economic problems: z Objectives – desired outcome z Alternatives – choices/routes for attaining outcome z Constraints – what’s holding you back? -- why can’t you have it all? Scarcity Who are the Key Players? Individuals Business Firms Government Agencies Consumers Players: Consumers Objectives – desired outcome Alternatives – choices/routes for attaining outcome Constraints – what’s holding you back? -- why can’t you have it all? Scarcity Players: Consumers An Example of Hunger Objectives Alternatives Constraints Satisfy Hunger Salad bar, panini grill, etc. $ Cash money! $ [time] Utility (aka satisfaction)
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2 Players: Firms An Example of a Restaurant Objectives Alternatives Constraints $ Money! Profit! $ What to produce?
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Day 2 - Today's Outline The Economic Problem Microeconomics...

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