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CH 1 - CH 1 Economics(root econimcas/one who manages...

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CH 1 Economics (root econimcas/one who manages household)- social science that studies choices individuals, business, and gov. make when they cope w scarcity. Scarcity -inability to satisfy all wants Econ w/ an X-Factor -factors in fear, greed, vengeance. What, how and for whom?’s of economy -What to produce- goods and services (g’s & s’) -How to produce it- -For whom- question of income, who has money to buy it depends on wage profile Self-interest vs. Social interest Self-interest- decisions made with only the benefits of the individual involved Social interest- choices made for the good of society as a whole in mind - Efficiency - getting the most from scarce resources. Focuses on BEST. Equity - distributing economic prosperity fairly 5 Core economic ides (Economics are about trade offs/you cant have both) 1. Rational Choice - a choice that uses the available resources to most effectively satisfy the wants of the person making the choice 2. Costs- must be given up to get something else - Sunk cost-
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