CH2_ECON2301 - Macroeconomics ECON 2301 Spring 2009 Marilyn...

Info iconThis preview shows pages 1–7. Sign up to view the full content.

View Full Document Right Arrow Icon
Macroeconomics ECON 2301 Spring 2009 Marilyn Spencer, Ph.D. Professor of Economics Chapter 2
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Out-of-Class Quiz #1 Before class on Tuesday, Jan. 27 : 1. Create an Islander email account. 2. Email me so that I will have your email address. Include your name and your course & section numbers. My email address is marilyn.spencer@tamucc.edu . 4 points
Background image of page 2
Out-of-Class Quiz #2 Watch - live or taped, or read a transcript of, President Obama’s inaugural address. For transcript, you can go to: http://news.yahoo.com/s/ap/20090120/ap_on_go_pr_w In the body of your email to Dr. Spencer, write a 50-100 word summary of his remarks about the economy – using YOUR OWN WORDS. Send this email to me at marilyn.spencer@tamucc.edu , before class starts, January 27. 4 points possible
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Chapter 2: Scarcity & the World of Trade-offs
Background image of page 4
Scarcity Scarcity is the most basic concept in all of economics occurs when the ingredients for producing things that people desire are insufficient to satisfy all wants means we never have enough of everything, including time, to satisfy our every desire What scarcity is NOT: It is not a shortage. It is not the same thing as poverty.
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Scarcity (cont'd) Resources or Factors of Production Land Natural resources or the gifts of nature Labor The human resource Human Capital Accumulated training and education of workers Physical Capital All manufactured resources Entrepreneurship Person who organizes, manages, and assembles the other resources Risk taker Maker of basic business policy decisions
Background image of page 6
Image of page 7
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 29

CH2_ECON2301 - Macroeconomics ECON 2301 Spring 2009 Marilyn...

This preview shows document pages 1 - 7. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online