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Economic Way of thinking. Economics Chapter 1 I. An Economic way of Thinking
What's Economics? - The study of choices people make ...
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way of thinking. The economic way of thinking to recognize ...
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Submitted by killzior on December 8, 2006
Category: Business
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Economics
Chapter 1
I. An Economic way of Thinking
What's Economics?
- The study of choices people make to satisfy their needs and wants.
- It is the study of how society choose to use it's scarce resources to satisfy it's unlimited needs and wants.
Economists:
- Someone who studies the choices that people make.
- Someone who studies the economic theory and applies it to the real world.
Economic Actions:
1. Micro-economic: Study of one single factor of economy. (Mobile co.)
2. Macro Economic: Study of the entire economy.
Economic Decisions: (2 major economic makers)
1. Consumers (buy goods and services).
2. Producers (provide goods and services).
- The network of these decisions is the basis of all the economic theory.
Economic classify:
1. Goods (needs necessary for survival)
2. Wants (needs beyond what is necessary for survival).
Products:
- Goods (something physical). - Services (activities).
Economic resources:
A resource: Anything that people use to obtain What they need or want.
Resources are used to produce goods and services, They are called factors of production.
Factors Of Production:
1. Natural Resources: Farmlands, Oil Fields, Wind, Rain, and Sunlight.
2. Human Resources: Teacher, Dentist.
3. Capital Resources: Capital Goods, and Consumer Goods.
4. Technology: A Human Resource based on Natural or Capital resources (Computers).
5. Entrepreneurship: Michael Dell, And John Ford, Osman Trading co.
Capital resources:
Items used in the production of other goods and services. Example: Buildings, Machinery, Factories, and Dams.
Capital Good:
Items used in making finished products. (Pcs)
Technology:
Using Technical Knowledge and methods to create new products or improve the Existing ones. (PC...
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