August 23, 2007 - 5/7/09 Click to edit Master subtitle...

Info iconThis preview shows pages 1–7. Sign up to view the full content.

View Full Document Right Arrow Icon

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

View Full DocumentRight Arrow Icon

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

View Full DocumentRight Arrow Icon

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

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

Unformatted text preview: 5/7/09 Click to edit Master subtitle style Macroeconomics August 23, 2007 5/7/09 Course Information Course Blackboard http://blackboard.missouri.edu Reading Assignment (Due August 28th) Chapter 3 5/7/09 Economy Economy…the word is from a Greek word “oikonomos”; “One who manages a household.” 5/7/09 Scarcity Scarcity: the inability to satisfy all our wants An Unlimited variety of scarcities Based on two basic limitations Scarce time & Scarce spending power 5 Bill Gates & Warren Buffet: ardent bridge players 5 Who will work, how many hours…? 5 HHs allocate limited income among goods & services 5/7/09 Firms choices are limited by costs of production: What & how much to produce, what resources to use, at what price should the goods be sold Government agencies work with limited budgets Must carefully choose which goals to pursue 5/7/09 Limitations force each of us to make choices over the available alternative & Tradeoffs...
View Full Document

This note was uploaded on 04/06/2008 for the course PHI 1015 taught by Professor Myounglee during the Fall '07 term at Missouri (Mizzou).

Page1 / 12

August 23, 2007 - 5/7/09 Click to edit Master subtitle...

This preview shows document pages 1 - 7. Sign up to view the full document.

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