bismillahirrahmannirahim..
BEEB 1013
CHAPTER 1
1.When economicts speak of scarcity, they are reffering to the condition in which people's wants outstrip the limited resources available to satisfy those wants.
2. 4 BROAD CATEGORIES OF RESOURCES :
a) labor
b) capital
c) entrepreneurship
d) land
produced goods used as inputs for the production of other goods comprised the resources known as capital.
entrepreneurship is the talent for organising the used of land, labor and capital ,among the things.
the physical and mental talents people bring to production processes comprise the resource called labor.
the headline in the newspaper reads" County Supervisors Debate Building New Schools". the headline relates closest to choice economic concept.
the opportunity cost of attending college is the highest valued alternative one forfeits to attend college.
here are 3 things you could do if you do not attend your neighbour's barbecue: wacth television with some friends ( you value this at $ 17), read a good novel (you value this at $14), or go in to work ( you could earn $16 during the barbecue). the opportunity cost of going to your neighbor's barbecue is $17 ,because this is the total dollar sum of the alternatives forfeited.
minerals, animals, waterr and forests are all considered to be the resource known as land
the higher the opportunity cost attending college, the less likely an individual will go to college.
example of a positive economic statement if you drop a ball from the top of a building, it will fall to the ground.
"what is " are part of positive economics.
Micoeconomics is the branch of economics that deals with human behavior and choice as they relate to relatively small units ---- an individual, a firm, an industry.
microeconomiss topic the study of how prices are determined in the computer industry.