Chapters+1++9-22-2006+

Chapters+1++9-22-2006+ - (9/22/2006) 1 Economics 1...

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Unformatted text preview: (9/22/2006) 1 Economics 1 Introduction to Economics Chapter 1 Chapter 1 Fall 2006 Fall 2006 Instructor: Dr. Soheila Crane (9/22/2006) 2 Chapter 1: Challenge of Economics What is challenge of economics? Limited resources unlimited wants! Problem of scarcity Need to make choices; Cannot have everything! (9/22/2006) 3 Chapter 1: Challenge of Economics How do you make choices in your daily life? Sleeping in versus going to your class? Working versus hanging out with friends? How do you budget your time and money? (9/22/2006) 4 Chapter 1: Challenge of Economics As a producer, the basic economic questions: What to produce? And how much? How to produce? How much to charge? For whom to produce? As a consumer, the basic economic questions: What to buy? (product) How much to buy? (quantity) How much to pay? (price) (9/22/2006) 5 Scarcity and Factor of Production Factors of Production Land and natural resources Labor (number of skilled workers; Hrs of work) Capital (machinery, buildings, networks) Entrepreneurship (skill in creating products, services, processes) Limited resources Incentives to owners of factors of production to produce...
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Chapters+1++9-22-2006+ - (9/22/2006) 1 Economics 1...

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