ns - Economics 2000 August 29 I. II. Introduction to...

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Economics 2000 August 29 I. Introduction to Economies and Economics a. Economics is the study of how societies go about provisioning themselves with the material means of existence (physical material and services i.e. loans and haircuts). a.i. Most definitions use the term individual, but the influence that societies have on individuals makes the definition broader than the most common definitions. a.ii. Everything that an individual does is in the face of scarcity. Our time is scarce, thus every decision we make is in the face of scarcity. a.ii.1. Voting – political choice… Religion – personal choice. a.ii.2. With the traditional definition, every individual decision would be an economic decision… economics study of everything… study of nothing… not a valid definition. a.iii. Economics is for studying a particular part of human society, not all decisions. There is a line of distinction to the realm of economics, as opposed to religion etc. b. Economics can be stripped down to four questions: b.i. What? – are the material goods that we will produce for our societies existence b.ii. How? – will we produce it (physical equipment, human labor, and the relationship between the two) b.iii. For whom? – who gets the use it (first come - first serve, ability and willingness to pay an amount of money, chance) b.iv.
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This note was uploaded on 01/16/2012 for the course ECON 2010 taught by Professor Roussel during the Spring '08 term at LSU.

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ns - Economics 2000 August 29 I. II. Introduction to...

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