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02GottProdPossShow

02GottProdPossShow - Learning Assistance Center Easy to...

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1 Learning Assistance Center Easy to register! Rosenberg Library 207
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2 Next topics Economic Thought: 1776 ff. Smith, Marx, Neoclassical Reader . Economic perspectives Conservative, Liberal, Radical Reader .
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3 Factors of production: (economic resources) Land or natural resources: (in “natural ” state) Capital : Physical capital ( not financial capital) [tools, equipment, factories, transportation, infrastructure] Labor : includes physical and mental abilities Assumption: no coercion; “voluntary exchange”
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4 Entrepreneurship Special kind of labor resource Makes basic business policy decisions . Innovator for new products, techniques, organizational forms. Risk: Entrepreneurs “ alone assume the risks and uncertainties of a business.” [Are entrepreneurs the only people who assume risks in the business process?]
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5 Production Possibilities Curve [Example of neoclassical economics emphasis on efficiency , scarcity and choice .] A model : (Need assumptions to simplify) Fixed resources.
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