lectur5-page49

lectur5-page49 - case capital and labor)? How does the...

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49 49 CONCLUSIONS u Economics develops specific criteria which define the conditions for making the best use of society's resources. u We employ these criteria as guide lines for formulating and evaluating decisions. I hope you saw the “economic method” at work in our discussion of time, and the personal example that I shared with you. How do the conclusions listed here relate to that mowing example? Read over the conclusions again, and the re-visit the mowing example. How does the mowing example illustrate that economics is fundamentally concerned with choices or decisions concerning the use of resources (in this
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Unformatted text preview: case capital and labor)? How does the mowing example illustrate that problems of choice arise when there are alternative ways of achieving a given objective? How does the mowing example illustrate that economics develops specific criteria which define the conditions for making the best us of an individuals or societys resources? How does the mowing example illustrate that we employ the economic criteria as guide lines for formulating and evaluating decisions?...
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This note was uploaded on 12/29/2011 for the course ECO 210 taught by Professor Malls during the Fall '10 term at SUNY Stony Brook.

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