Chapter 1 Economics notes.docx - Chapter 1 Economics notes...

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Chapter 1 Economics notes What is economics? -The study of how people manage resources. Microeconomics: -The study of individuals, industry, and firms. Macroeconomics: - Study of the economy on a regional, national, or international scale. Resources, inputs, factors of production: Land - Natural resource. Labor- Capital- something made by humans that is used to make goods and services. Opportunity cost: -The benefits are often easily calculated. -The costs include both the direct cost and Opportunity cost. -Referred to as marginal decision-making. -No consideration of past benefits or costs, both are referred to as “sunk”. Direct cost: -The direct cost includes all associated costs. Example: Game # Marginal Yards Total Yards(season) Average yards(season) 1 60 yards 60 yards 60 yards 2 40 yards 100 yards 50 yards 3 50 yards 150 yards 50 yards 4 -50 yards 100 yards 25 yards 5 0 yards 100 yards
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