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Economic Decision Making

Economic Decision Making

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Economic Decision Making

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  1. Economic Decision Making Chapter 2

  2. Why is What We Want Scarce? • Wants are unlimited / Means to acquire them are not

  3. Scarcity is Everywhere • How can goods be scarce is everyone has them? • Surely there are enough providers of services, so how can those be scarce? • They are scarce because the resources to produce them are scarce. • What if everyone were rich?

  4. What is the Difference • Scarcity v. Shortage • RLE – Hurricane Katrina • RLE…..

  5. How Do We Satisfy Our Wants • Factors of Production: • 1. • 2. • 3. • Inputs / Outputs • Production Equation: • L + L + C = G & S • And sometimes Y: Entrepreneurship

  6. “Gifts of Nature” • What is “land” besides real estate? • Perpetual Resources, the gifts that keep on giving. • Renewable / Nonrenewable • What is the value of a resource tied to?

  7. Human Capital / Labor Resources • What is labor? • Population / Willingness To Work • Human Capital – quality of work • RLE – • The contrast of wealthy and poor countries – book example of Japan and Nigeria