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Economics

Chapter 1 explores the fundamental concepts of economics, including needs versus wants, goods, services, scarcity, shortage, land, labor, capital, human capital, trade-off, and opportunity costs. Learn about thinking in margin and cost-benefit analysis.

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Economics

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Presentation Transcript

  1. Economics Ch 1

  2. Need Vs. Want • Goods • Services

  3. Scarcity- a limit in all products or services. Needs and wants are all greater than resources • Shortage- a momentary need/want that can be filled or supplied

  4. Land • Labor • Capital

  5. Human Capital • Physical Capital • Entrepreneur

  6. Trade Off • Opportunity Costs- the “cost” (or what one gives up) to have a certain opportunity (decision/choice)

  7. Thinking in Margin- How much more or less to give/do.( look at page 10) • Cost and benefit Margin- when a person assesses the need/want and what cost and benefit they will gain from the need or want.

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