Lecture 1 Introduction and PPF(2)

Lecture 1 Introduction and PPF(2) - Definitions of...

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Definitions of Economics 1. the science of choice – the science that explains the choices that we make and how those choices change as we cope with scarcity. 2. study of mankind’s behavior in the ordinary business of life 3. study of the use of scarce resources to satisfy unlimited human wants
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Economic Good vs. Free Good •E c o n o m i c G o o d •P o s i t i v e p r i c e x a m p l e s : •F r e e G o o d •N o c h a r g e o p r i c e
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Five Big Economic Questions 1. What? 2. How? 3. When? 4. Where? •O u t s o u r c i n g v s . N e i g h b o r h o o d E f f e c t 5. Who?
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What? •W h a t goods and services are produced and in what quantities? – Do we produce houses or camping vehicles?
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How? •H o w are goods and services produced? –Do we use humans or mach ines to produce the goods we want?
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When? •W h e n are goods and services produced? – Do we increase or decrease production?
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Where? •W h e r e are goods and services produced?
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This note was uploaded on 04/04/2012 for the course ECON 010 taught by Professor Stein during the Fall '07 term at UPenn.

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Lecture 1 Introduction and PPF(2) - Definitions of...

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