Introduction_student.pdf - Introduction Lesson Plan Lesson...

Info icon This preview shows pages 1–10. Sign up to view the full content.

View Full Document Right Arrow Icon
Introduction
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Lesson Plan Lesson Plan: Quick Review How People Make Decisions Conclusion
Image of page 2
Quick Review Economics is the study of how people choose to use their limited resources in order to satisfy their unlimited wants Resources: things used to produce goods and services
Image of page 3

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Quick Review Resources (also referred to as inputs or factors of production): things used to produce goods and services Land: anything provided by nature (ex: land, oil, wood, …) Labour: mental and physical efforts (ex: the services of a psychologist, of a doctor, of a …) Capital: produced means of production (ex: equipment, machinery, roads , …) Entrepreneurship: the ability and talent to organize resources (ex: Larry Page and Sergey Brin create Google, …)
Image of page 4
Quick Review Products: what people consume Goods: tangible products (ex: tablets, cheese, pens, ...) Services: intangible products (ex: teaching, banking, ...)
Image of page 5

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Quick Review Producers: people who sell and produce a product Note: We will not make any difference between producers/sellers/firms/businesses Industry: a group of producers who make and sell a similar product (the industry is named by its main product) Ex: The beer industry, the ice cream industry, ...
Image of page 6
Quick Review Consumers: People who purchase products for personal use Note: We will not make any difference between a buyer and a consumer
Image of page 7

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Quick Review Scarcity: The situation that exists when resources are inadequate to produce all the goods and services that people want Almost everything is scarce (we can consider air to be non scarce) Note: Is it important to note that shortage and scarcity are not the same thing
Image of page 8
Quick Review One of the most used assumption in Economics is
Image of page 9

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 10
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern