Lecture Notes chapter 1

Lecture Notes - Economics Scarcity and Choice Chapter 1 What is Economics Economics Word"economics comes from Greek word"oikos(house

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
1 1 Chapter 1 What is Economics ? 2 Economics, Scarcity, and Choice ± Economics { Word “economics” comes from Greek word “oikos” (house) and “nomos” (custom/law) ± Rules of hosehold { Social Science, seeks to explain something about society ± Definition: { Economics is the study of choice under conditions of scarcity ± Scarcity { Situation in which the amount of something available is insufficient to satisfy the desire for it 3 Scarcity and Individual Choice ± Scarcity { Individuals are faced with limited resources and unlimited wants (agree?) ± { Limitations force us to make choices ± Economists study choices and consequences { Fraction of high school graduates choosing to attend college will be record high (consequence?) { As population ages… health care for elderly? (Ex: Old continents: Europe or Japan) 4 Scarcity and Social Choice ± Society faces a scarcity of resources ± Goals of society: ± High standards of living for our citizens
Background image of page 1

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

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 03/27/2008 for the course ECON 102 taught by Professor Singerman during the Spring '08 term at Iowa State.

Page1 / 3

Lecture Notes - Economics Scarcity and Choice Chapter 1 What is Economics Economics Word"economics comes from Greek word"oikos(house

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online