chap1 - Eco 101: Chapter 1 notes Definition of economics...

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    Eco 101: Chapter 1 notes
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    Definition of economics the study of how individuals and  societies use limited resources to  satisfy unlimited wants.
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    Fundamental economic problem scarcity. individuals and societies must choose  among available alternatives.
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    Economic goods, free goods,  and economic bads economic good (scarce good) - the  quantity demanded exceeds the  quantity supplied at a zero price. free good - the quantity supplied  exceeds the quantity demanded at a  zero price. economic bad - people are willing to pay  to avoid the item
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    Economic resources land natural resources, the “free gifts of nature” labor the contribution of human beings capital plant and equipment  this differs from “financial capital” entrepreneurial ability
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    Resource payments Economic Resource Resource payment land rent labor wages capital interest entrepreneurial ability profit
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This note was uploaded on 03/03/2009 for the course ECON 101 taught by Professor Dohan during the Spring '08 term at CUNY Queens.

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chap1 - Eco 101: Chapter 1 notes Definition of economics...

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