11- Aug Microecom
What is economics all about?
Scarcity: our wants are unlimited and resources are limited
Economics is a study of scarcity.
Effects of scarcity
1- Need to make changes
2- Need a rationing device-Market economy- GovernmentKey concepts
Test 3 Economics
Chapter 22: Production and costs
Two sides of a firm: cost and revenue
Total revenue: total earnings from selling goods (not equal to profits)
Total cost: total cost from producing all goods and services
Profit: total revenue total cost T
Memo: legalizing the sell and consumption of marijuana for medical and recreational use (for adults 21
To: Governor Nathan Deal
From: Ivan Delgado
16-13-30, et seq.
1 oz or less: misdemeanor, 1 yr. or $1