The economic problem: production possibility, trade, comparative advantage
Production possibility and opportunity cost:
We need a model that shows the concept of limited resources, unlimited uses of those resources, and the
trade-offs have cost
Chapter 3 part 2 (changes in equilibrium prices)
Equilibrium, price pressures bring market to equilibrium, once equilibrium is reached the
market there is no price pressure to cause the market price to change.
Quantity demanded (Qd)
Core Principles of Economics and the Economic Way of Thinking:
First what is economics?
It is NOT the study of money of profits/losses
Here a hint:
Economy: derived from the Greek to manage a household
o Alfred Marshal economics is the study of mankind
Chapter one: What is economics?
Go over answers to the economic literacy exam and how questions fit into the semesters class
If you were to give a definition of economics it would be?
fundamental concept is scarcity
Kelce College of Business
Pittsburg State University
INTRODUCTION TO MICROECONOMICS
June M Freund
ECON 200 99
3 credit hour
On line course
INSTRUCTOR CONTACT INFORMATION:
Office Number: 211-F