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Lecture Notes 1-21-10 - • In order to satisfy the wants...

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Notes: 1-21-10 Economics T-Th A. Ordonez Asch T. Hawthorn 809-195-3K1C 1/21/10 chapter 1 - covers the 10 principals of economics. The word economy comes from the Greek word "oikonomes" meaning "one who manages a household" a Household and Economy face many decisions: Who Will Work? What goods and how many of them should be produced? What resources should be used in production? At what price should goods be sold? Economics: Is the study of how society manages its scarce resources. .. SCARCE - limited
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Unformatted text preview: • In order to satisfy the wants and needs of its members. Ten principles broken down into 3 categories-• How people make decisions (principles 1-4) • How people interact (principles 5-7 • How the economy as whole works (principles 8-10) Principle 1: people face trade-offs "There is no such thing as a free lunch" • In order to get one thing, we usually have to give up another thing 4 Classic examples: o Food vs. Clothing o Leisure time vs. Work time o...
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