Basic Econ Concepts. What is Economics ?. Most people aren ’ t satisfied Constant competition w/ others The problem is that resources are scarce. Economics is the science of scarcity Scarcity - when our wants are greater than our limited resources
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What to produce?
HOW to produce?
FOR WHOM to produce???
Key Economic Assumptions
1. Consumer Goods- created for final use by individual
2. Capital Goods- manufactured goods used to produce other goods & services
1. Physical Capital- human-made resources used to create other goods and services (tools, tractors, machinery, buildings, factories, etc.)
2. Human Capital- skills or knowledge gained by a worker through education and experience