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Econ Chap 1 - CHAPTER The Art and Science of Economic...

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1 CHAPTER The Art and Science of Economic Analysis
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The Economic Problem Wants, desires: unlimited Resources: scarce Economic choice Economics
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Resources Inputs; factors of production Goods and services are scarce because resources are scarce Labor Capital Natural Resources Entrepreneurial ability
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Resources Labor – human effort Payment: Capital – human creations Payment:
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Resources Natural resources – Gifts of nature Payment: Entrepreneurial ability Payment:
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Goods and Services Good: Service: Scarce good/service Choice Give up some goods and services
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Goods and Services Bads We want none of them; not even at a zero price Free goods and services “There is no such thing as a free lunch” Involve a cost to someone
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Economic Decision Makers Households Consumers Resource owners Firms, Governments, Rest of the World
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Markets Bring together buyers and sellers Determine price and quantity Product markets Resource markets
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