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Econ 2005 - Econ2005 Resources Labor o Paidinwages Capital...

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Econ 2005 15:25 Resources Labor o Paid in wages Capital o Human Capital- Education, expierence of labor o Payment Interest Land o Natural resources, anything from the earth o When used called rent Entrepreneurship o Talent Ideas o Risk of operation o Payment: Profit Goods You can see feel or touch Service Something that someone is doing for you They are scarce Household Consumers o Demand goods and services Resource owners o Supply resources Firms Demand resources
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Produce goods and services Economics as a science Model- a formal statement or theory usually a mathematical statement,  simplified Variable- a measure that can change from time to time or from observation to  observation Economics and the scientific method o Identify question and define relevant variables o Specify assumptions (ceteris Paribus)- all else equal* o Formulate an hypothesis o
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