MicroIntro - Microeconomics Dr. Safarzadeh Introduction...

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Microeconomics Introduction Dr. Safarzadeh
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Chapter1:  Preliminary What is Economics? Economics is concerned with optimum  Allocation  of  Limited Resources  among  Unlimited Wants . What Are Economics Resources?  Economics Resources or Factors of Production ate:  Labor  Land  Capital  Entrepreneur
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Chapter1:  Preliminary Labor includes   Skilled and  Unskilled Labor.  Land includes   the   Land and All the Resources on the  Land and Under the Land.  Capital includes :   Physical Tools of Production.   Note  that, in economics only   physical tools of production   are  considered as capital.  Money, bonds, and stocks are not capital. Why Do We Study Economics? Because economic resources are limited. 
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Chapter1:  Preliminary Limited or scarce resources are resources that we pay  a price for:   Factor Prices Are:  Price of Labor:    Wages  Price of Land:
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This note was uploaded on 07/07/2008 for the course ECON 100B taught by Professor Bacolod during the Summer '05 term at UC Irvine.

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MicroIntro - Microeconomics Dr. Safarzadeh Introduction...

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