Lecture 1 - The Language of Economics (Student)

Lecture 1 - The Language of Economics (Student) - Lecture I...

Info iconThis preview shows pages 1–8. Sign up to view the full content.

View Full Document Right Arrow Icon
Lecture I The Language of Economics Chapter 1 pages 1-18
Background image of page 1

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

View Full DocumentRight Arrow Icon
Lecture I: The Language of Economics Lecture I: The Language of Economics I. I. Introduction - What is Economics? Introduction - What is Economics? II. II. Eight Guideposts to Economic Thinking Eight Guideposts to Economic Thinking III. Pitfalls to Avoid in Economic Thinking III. Pitfalls to Avoid in Economic Thinking
Background image of page 2
I. What is economics? Economics - the study of the choices that individuals make given the presence of ___________. ___________ - limited resources but unlimited wants The Economy - the institutional structure through which individuals in a society coordinate their diverse wants.
Background image of page 3

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

View Full DocumentRight Arrow Icon
Types of Resources Natural Resources Water, Air, Oil, land Human Resources Knowledge, Skill, Strength Physical Resources Tools, Machines, Buildings We combine resources to produce ____________. economic goods and services
Background image of page 4
Scarcity Versus Poverty Scarcity is an __________ concept. Poverty is ___________ . What do third-world countries think of the ‘poverty level’ in America? Needs or Wants?
Background image of page 5

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

View Full DocumentRight Arrow Icon
Scarcity forces us to make choices and necessitates __________. Scarcity creates economic forces that ration scarce resources in our economy Unhindered - economic forces become market forces. Market forces ration goods and services by changing the _____ level
Background image of page 6
to guide economic forces to coordinate actions and ________ scarce resources. The ________
Background image of page 7

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

View Full DocumentRight Arrow Icon
Image of page 8
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 10/12/2010 for the course MKT 230 taught by Professor Holbein during the Spring '10 term at Kentucky.

Page1 / 30

Lecture 1 - The Language of Economics (Student) - Lecture I...

This preview shows document pages 1 - 8. Sign up to view the full document.

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