Microeconomics-chapter1.pptx - Microeconomics ELEVENTH EDITION Michael Parkin Chapter 1 What is Economics Scarcity Limited resources but unlimited wants

Microeconomics-chapter1.pptx - Microeconomics ELEVENTH...

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MicroeconomicsELEVENTH EDITIONMichael ParkinChapter 1What is Economics?
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What, How and for WhomFor whom?Who consumes goods and services depends on the incomes that people earnFactors of production are paid incomes:Rent Income paid for the use of land.Wages Income paid for the services of labor.Interest Income paid for the use of capital.Profit (or loss) Income earned by an entrepreneur for running a business.Chapter 1: What is Economics?
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  • Winter '17
  • Dr. bashar
  • Economics, Microeconomics, Michael Parkin, Mr. John,  Capital, POSITIVE VERSUS NORMATIVE

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