Full lesson including notes, simple definitions, examples, and graphs.
Ch 1
• Definition of Economics
• Positive Economics
• Normative Economics
• Economic Bad/Economic Good
• Resources
• Opportunity Cost
• Free Good
• Factors of Production
• Renewable/Nonrenewable Res...
ECONOMICS: PRINCIPLES & POLICY 14TH EDITION BY WILLIAM BAUMOL SOLUTIONS AND TEST BANK QUESTIONS AND CORRECT ANSWERS 2024
Test Bank For Economics: Principles & Policy - 14th - 2020 All Chapters - 9781337696326
Economics: Fiscal and Monetary Policy
All for this textbook (11)
Written for
The University of Sint Maarten
Economics: Macroeconomics (ECO221)
All documents for this subject (9)
Seller
Follow
BizNotesSupplies2021
Reviews received
Content preview
Economics 1: Introduction & Concepts
Economics: “The study of how human beings use limited resources to satisfy unlimited wants”
Economics deals with scarcity.
Everything with an economic value = Scarce
“The study of how persons choose among alternatives to satisfy wants”
Wants/Needs > Resources
Unlimited Wants Limited resources scarcity Choice Opportunity cost
People have unlimited wants
However, resources are limited within the economy
This means that resources are scarce
Thus, people must make a choice between resources
Every choice has an opportunity cost associated with it
(Opportunity cost: the alternative/resource not chosen)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BizNotesSupplies2021. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $5.49. You're not tied to anything after your purchase.
