Chapters+1++9-22-2006+

Chapters+1++9-22-2006+ - Economics 1 Introduction to...

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Economics 1 Introduction to Economics Chapter 1 Chapter 1 Fall 2006 Fall 2006 Instructor: Dr. Soheila Crane Chapter 1: Challenge of Economics *What is challenge of economics? *Limited resources – unlimited wants! *Problem of scarcity *Need to make choices; Cannot have everything! Chapter 1: Challenge of Economics *How do you make choices in your daily life? *Sleeping in versus going to your class? *Working versus hanging out with friends? *How do you budget your time and money? Chapter 1: Challenge of Economics *As a producer, the basic economic questions: *What to produce? And how much? *How to produce? How much to charge? *For whom to produce? *As a consumer, the basic economic questions: *What to buy? (product) *How much to buy? (quantity) *How much to pay? (price) Scarcity and Factor of Production *Factors of Production *Land and natural resources *Labor (number of skilled workers; Hrs of work) *Capital (machinery, buildings, networks) *Entrepreneurship (skill in creating products, services, processes)
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Chapters+1++9-22-2006+ - Economics 1 Introduction to...

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