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PENN STATE / Economics / ECON 102 / What is the definition of resources in the context of economics?

What is the definition of resources in the context of economics?

What is the definition of resources in the context of economics?

Description

.lst-kix_9xcdtvt2alrk-8 > li{counter-increment:lst-ctn-kix_9xcdtvt2alrk-8}ol.lst-kix_9xcdtvt2alrk-2{list-style-type:none}.lst-kix_gwndc3mqwmcy-0 > li{counter-increment:lst-ctn-kix_gwndc3mqwmcy-0}ol.lst-kix_9xcdtvt2alrk-1{list-style-type:none}ol.lst-kix_9xcdtvt2alrk-0{list-style-type:none}ol.lst-kix_lk52bjfbjwjc-4{list-style-type:none}ol.lst-kix_lk52bjfbjwjc-3{list-style-type:none}ol.lst-kix_lk52bjfbjwjc-2{list-style-type:none}ol.lst-kix_vfxz1t85g6j4-7.start{counter-reset:lst-ctn-kix_vfxz1t85g6j4-7 0}ol.lst-kix_lk52bjfbjwjc-1{list-style-type:none}ol.lst-kix_lk52bjfbjwjc-8{list-style-type:none}ol.lst-kix_lk52bjfbjwjc-7{list-style-type:none}ol.lst-kix_lk52bjfbjwjc-6{list-style-type:none}ol.lst-kix_lk52bjfbjwjc-5{list-style-type:none}ol.lst-kix_9xcdtvt2alrk-6.start{counter-reset:lst-ctn-kix_9xcdtvt2alrk-6 0}ol.lst-kix_lk52bjfbjwjc-6.start{counter-reset:lst-ctn-kix_lk52bjfbjwjc-6 0}.lst-kix_ifp44qk62beh-4 > li{counter-increment:lst-ctn-kix_ifp44qk62beh-4}.lst-kix_lk52bjfbjwjc-8 > li{counter-increment:lst-ctn-kix_lk52bjfbjwjc-8}ol.lst-kix_bkg93artchb6-2.start{counter-reset:lst-ctn-kix_bkg93artchb6-2 0}ol.lst-kix_ifp44qk62beh-0.start{counter-reset:lst-ctn-kix_ifp44qk62beh-0 0}ol.lst-kix_akx24g6e9aga-8.start{counter-reset:lst-ctn-kix_akx24g6e9aga-8 0}.lst-kix_ifp44qk62beh-0 > li{counter-increment:lst-ctn-kix_ifp44qk62beh-0}ol.lst-kix_akx24g6e9aga-1.start{counter-reset:lst-ctn-kix_akx24g6e9aga-1 0}ol.lst-kix_lk52bjfbjwjc-1.start{counter-reset:lst-ctn-kix_lk52bjfbjwjc-1 0}ol.lst-kix_vfxz1t85g6j4-2.start{counter-reset:lst-ctn-kix_vfxz1t85g6j4-2 0}.lst-kix_gwndc3mqwmcy-7 > li{counter-increment:lst-ctn-kix_gwndc3mqwmcy-7}.lst-kix_vfxz1t85g6j4-2 > li{counter-increment:lst-ctn-kix_vfxz1t85g6j4-2}ol.lst-kix_9xcdtvt2alrk-6{list-style-type:none}ol.lst-kix_9xcdtvt2alrk-5{list-style-type:none}ol.lst-kix_ifp44qk62beh-5.start{counter-reset:lst-ctn-kix_ifp44qk62beh-5 0}ol.lst-kix_9xcdtvt2alrk-4{list-style-type:none}ol.lst-kix_9xcdtvt2alrk-3{list-style-type:none}ol.lst-kix_9xcdtvt2alrk-8{list-style-type:none}ol.lst-kix_9xcdtvt2alrk-7{list-style-type:none}ol.lst-kix_bkg93artchb6-7.start{counter-reset:lst-ctn-kix_bkg93artchb6-7 0}.lst-kix_bkg93artchb6-2 > li{counter-increment:lst-ctn-kix_bkg93artchb6-2}.lst-kix_vfxz1t85g6j4-6 > li{counter-increment:lst-ctn-kix_vfxz1t85g6j4-6}.lst-kix_r79q60slt0l3-6 > li:before{content:"● "}.lst-kix_gwndc3mqwmcy-0 > li:before{content:"" counter(lst-ctn-kix_gwndc3mqwmcy-0,upper-latin) ". "}.lst-kix_r79q60slt0l3-8 > li:before{content:"■ "}.lst-kix_o9s0wterxbug-3 > li:before{content:"● "}.lst-kix_lk52bjfbjwjc-5 > li:before{content:"" counter(lst-ctn-kix_lk52bjfbjwjc-5,lower-roman) ". "}.lst-kix_lk52bjfbjwjc-7 > li:before{content:"" counter(lst-ctn-kix_lk52bjfbjwjc-7,lower-latin) ". "}.lst-kix_o9s0wterxbug-5 > li:before{content:"■ "}.lst-kix_bkg93artchb6-3 > li{counter-increment:lst-ctn-kix_bkg93artchb6-3}.lst-kix_o9s0wterxbug-7 > li:before{content:"○ "}ol.lst-kix_vfxz1t85g6j4-0.start{counter-reset:lst-ctn-kix_vfxz1t85g6j4-0 0}.lst-kix_lk52bjfbjwjc-3 > li:before{content:"" counter(lst-ctn-kix_lk52bjfbjwjc-3,decimal) ". "}.lst-kix_9xcdtvt2alrk-1 > li{counter-increment:lst-ctn-kix_9xcdtvt2alrk-1}.lst-kix_5r5j42qsnjbr-3 > li:before{content:"● "}.lst-kix_r79q60slt0l3-0 > li:before{content:"● "}.lst-kix_5r5j42qsnjbr-5 > li:before{content:"■ "}.lst-kix_akx24g6e9aga-5 > li{counter-increment:lst-ctn-kix_akx24g6e9aga-5}.lst-kix_9yl923vjsxzv-7 > li:before{content:"○ "}.lst-kix_r79q60slt0l3-2 > li:before{content:"■ "}ol.lst-kix_gwndc3mqwmcy-7.start{counter-reset:lst-ctn-kix_gwndc3mqwmcy-7 0}.lst-kix_9yl923vjsxzv-5 > li:before{content:"■ "}.lst-kix_r79q60slt0l3-4 > li:before{content:"○ "}.lst-kix_5r5j42qsnjbr-1 > li:before{content:"○ "}ol.lst-kix_ifp44qk62beh-2.start{counter-reset:lst-ctn-kix_ifp44qk62beh-2 0}.lst-kix_9yl923vjsxzv-1 > li:before{content:"○ "}.lst-kix_lk52bjfbjwjc-1 > li{counter-increment:lst-ctn-kix_lk52bjfbjwjc-1}ul.lst-kix_4xqhakar7j33-8{list-style-type:none}.lst-kix_9yl923vjsxzv-3 > li:before{content:"● "}.lst-kix_6weihtdw2gs0-0 > li:before{content:"❖ "}.lst-kix_gwndc3mqwmcy-8 > li{counter-increment:lst-ctn-kix_gwndc3mqwmcy-8}ol.lst-kix_9xcdtvt2alrk-8.start{counter-reset:lst-ctn-kix_9xcdtvt2alrk-8 0}ul.lst-kix_4xqhakar7j33-1{list-style-type:none}.lst-kix_5r5j42qsnjbr-7 > li:before{content:"○ "}ul.lst-kix_4xqhakar7j33-0{list-style-type:none}ul.lst-kix_4xqhakar7j33-3{list-style-type:none}.lst-kix_6weihtdw2gs0-4 > li:before{content:"◆ "}.lst-kix_6weihtdw2gs0-6 > li:before{content:"■ "}ul.lst-kix_4xqhakar7j33-2{list-style-type:none}ul.lst-kix_4xqhakar7j33-5{list-style-type:none}ul.lst-kix_4xqhakar7j33-4{list-style-type:none}ul.lst-kix_4xqhakar7j33-7{list-style-type:none}ul.lst-kix_4xqhakar7j33-6{list-style-type:none}.lst-kix_9xcdtvt2alrk-0 > li{counter-increment:lst-ctn-kix_9xcdtvt2alrk-0}.lst-kix_6weihtdw2gs0-2 > li:before{content:"■ "}.lst-kix_akx24g6e9aga-7 > li:before{content:"" counter(lst-ctn-kix_akx24g6e9aga-7,lower-latin) ". "}.lst-kix_s5f941k6u9c1-4 > li:before{content:"○ "}.lst-kix_s5f941k6u9c1-6 > li:before{content:"● "}.lst-kix_s5f941k6u9c1-8 > li:before{content:"■ "}.lst-kix_gwndc3mqwmcy-8 > li:before{content:"" counter(lst-ctn-kix_gwndc3mqwmcy-8,lower-roman) ". "}.lst-kix_6weihtdw2gs0-8 > li:before{content:"◆ "}.lst-kix_bxky83jh3lko-5 > li:before{content:"■ "}.lst-kix_ifp44qk62beh-8 > li{counter-increment:lst-ctn-kix_ifp44qk62beh-8}.lst-kix_gwndc3mqwmcy-4 > li:before{content:"" counter(lst-ctn-kix_gwndc3mqwmcy-4,lower-latin) ". "}.lst-kix_gwndc3mqwmcy-6 > li:before{content:"" counter(lst-ctn-kix_gwndc3mqwmcy-6,decimal) ". "}.lst-kix_o9s0wterxbug-1 > li:before{content:"○ "}.lst-kix_bxky83jh3lko-7 > li:before{content:"○ "}.lst-kix_gwndc3mqwmcy-2 > li:before{content:"" counter(lst-ctn-kix_gwndc3mqwmcy-2,lower-roman) ". "}.lst-kix_ifp44qk62beh-3 > li{counter-increment:lst-ctn-kix_ifp44qk62beh-3}.lst-kix_blnfahfintxj-3 > li:before{content:"● "}.lst-kix_blnfahfintxj-4 > li:before{content:"○ "}ol.lst-kix_lk52bjfbjwjc-3.start{counter-reset:lst-ctn-kix_lk52bjfbjwjc-3 0}.lst-kix_bkg93artchb6-0 > li:before{content:"" counter(lst-ctn-kix_bkg93artchb6-0,upper-latin) ". "}.lst-kix_fkg8c88kwmo2-2 > li:before{content:"■ "}ol.lst-kix_vfxz1t85g6j4-4.start{counter-reset:lst-ctn-kix_vfxz1t85g6j4-4 0}.lst-kix_bkg93artchb6-1 > li:before{content:"" counter(lst-ctn-kix_bkg93artchb6-1,lower-latin) ". "}.lst-kix_bxky83jh3lko-3 > li:before{content:"● "}.lst-kix_ifp44qk62beh-2 > li:before{content:"" counter(lst-ctn-kix_ifp44qk62beh-2,lower-roman) ") "}.lst-kix_fkg8c88kwmo2-7 > li:before{content:"○ "}.lst-kix_bkg93artchb6-7 > li{counter-increment:lst-ctn-kix_bkg93artchb6-7}.lst-kix_fkg8c88kwmo2-6 > li:before{content:"● "}.lst-kix_bxky83jh3lko-2 > li:before{content:"■ "}.lst-kix_blnfahfintxj-0 > li:before{content:"● "}.lst-kix_9xcdtvt2alrk-7 > li{counter-increment:lst-ctn-kix_9xcdtvt2alrk-7}.lst-kix_fkg8c88kwmo2-3 > li:before{content:"● "}.lst-kix_s5f941k6u9c1-3 > li:before{content:"● "}.lst-kix_akx24g6e9aga-5 > li:before{content:"" counter(lst-ctn-kix_akx24g6e9aga-5,lower-roman) ". "}.lst-kix_gwndc3mqwmcy-1 > li{counter-increment:lst-ctn-kix_gwndc3mqwmcy-1}ol.lst-kix_akx24g6e9aga-5.start{counter-reset:lst-ctn-kix_akx24g6e9aga-5 0}.lst-kix_akx24g6e9aga-4 > li:before{content:"" counter(lst-ctn-kix_akx24g6e9aga-4,lower-latin) ". "}.lst-kix_1v97vf26qm1q-2 > li:before{content:"■ "}.lst-kix_1v97vf26qm1q-3 > li:before{content:"● "}.lst-kix_1v97vf26qm1q-6 > li:before{content:"● "}.lst-kix_1v97vf26qm1q-7 > li:before{content:"○ "}.lst-kix_akx24g6e9aga-1 > li:before{content:"" counter(lst-ctn-kix_akx24g6e9aga-1,lower-latin) ". "}.lst-kix_s5f941k6u9c1-0 > li:before{content:"● "}.lst-kix_lk52bjfbjwjc-0 > li{counter-increment:lst-ctn-kix_lk52bjfbjwjc-0}.lst-kix_ifp44qk62beh-3 > li:before{content:"(" counter(lst-ctn-kix_ifp44qk62beh-3,decimal) ") "}.lst-kix_akx24g6e9aga-0 > li:before{content:"" counter(lst-ctn-kix_akx24g6e9aga-0,decimal) ". "}.lst-kix_vfxz1t85g6j4-1 > li{counter-increment:lst-ctn-kix_vfxz1t85g6j4-1}.lst-kix_ifp44qk62beh-6 > li:before{content:"" counter(lst-ctn-kix_ifp44qk62beh-6,decimal) ". "}.lst-kix_blnfahfintxj-7 > li:before{content:"○ "}.lst-kix_blnfahfintxj-8 > li:before{content:"■ "}.lst-kix_ifp44qk62beh-7 > li:before{content:"" counter(lst-ctn-kix_ifp44qk62beh-7,lower-latin) ". "}ol.lst-kix_lk52bjfbjwjc-8.start{counter-reset:lst-ctn-kix_lk52bjfbjwjc-8 0}.lst-kix_tddfeigrxn2b-4 > li:before{content:"○ "}.lst-kix_tddfeigrxn2b-3 > li:before{content:"● "}.lst-kix_vdznqg9fhtk4-3 > li:before{content:"● "}ol.lst-kix_ifp44qk62beh-7{list-style-type:none}ol.lst-kix_ifp44qk62beh-8{list-style-type:none}ol.lst-kix_ifp44qk62beh-3{list-style-type:none}ol.lst-kix_ifp44qk62beh-4{list-style-type:none}ol.lst-kix_ifp44qk62beh-5{list-style-type:none}ol.lst-kix_ifp44qk62beh-6{list-style-type:none}.lst-kix_vfxz1t85g6j4-4 > li:before{content:"" counter(lst-ctn-kix_vfxz1t85g6j4-4,lower-latin) ". "}ol.lst-kix_ifp44qk62beh-0{list-style-type:none}.lst-kix_ifp44qk62beh-7 > li{counter-increment:lst-ctn-kix_ifp44qk62beh-7}ol.lst-kix_ifp44qk62beh-1{list-style-type:none}ol.lst-kix_ifp44qk62beh-2{list-style-type:none}.lst-kix_vdznqg9fhtk4-6 > li:before{content:"● "}.lst-kix_tddfeigrxn2b-0 > li:before{content:"● "}.lst-kix_vfxz1t85g6j4-3 > li:before{content:"" counter(lst-ctn-kix_vfxz1t85g6j4-3,decimal) ". "}.lst-kix_vdznqg9fhtk4-7 > li:before{content:"○ "}.lst-kix_vfxz1t85g6j4-0 > li:before{content:"" counter(lst-ctn-kix_vfxz1t85g6j4-0,upper-latin) ". "}.lst-kix_vfxz1t85g6j4-5 > li{counter-increment:lst-ctn-kix_vfxz1t85g6j4-5}.lst-kix_lk52bjfbjwjc-1 > li:before{content:"" counter(lst-ctn-kix_lk52bjfbjwjc-1,lower-latin) ". "}ol.lst-kix_akx24g6e9aga-0.start{counter-reset:lst-ctn-kix_akx24g6e9aga-0 0}.lst-kix_vfxz1t85g6j4-8 > li{counter-increment:lst-ctn-kix_vfxz1t85g6j4-8}.lst-kix_lk52bjfbjwjc-0 > li:before{content:"" counter(lst-ctn-kix_lk52bjfbjwjc-0,upper-latin) ". "}ol.lst-kix_vfxz1t85g6j4-3.start{counter-reset:lst-ctn-kix_vfxz1t85g6j4-3 0}.lst-kix_bkg93artchb6-8 > li:before{content:"" counter(lst-ctn-kix_bkg93artchb6-8,lower-roman) ". "}.lst-kix_vdznqg9fhtk4-2 > li:before{content:"■ "}.lst-kix_bkg93artchb6-4 > li:before{content:"" counter(lst-ctn-kix_bkg93artchb6-4,lower-latin) ". "}.lst-kix_bkg93artchb6-5 > li:before{content:"" counter(lst-ctn-kix_bkg93artchb6-5,lower-roman) ". "}.lst-kix_tddfeigrxn2b-8 > li:before{content:"■ "}.lst-kix_tddfeigrxn2b-7 > li:before{content:"○ "}.lst-kix_9xcdtvt2alrk-2 > li{counter-increment:lst-ctn-kix_9xcdtvt2alrk-2}.lst-kix_4xqhakar7j33-1 > li:before{content:"○ "}ol.lst-kix_akx24g6e9aga-6.start{counter-reset:lst-ctn-kix_akx24g6e9aga-6 0}.lst-kix_gwndc3mqwmcy-1 > li:before{content:"" counter(lst-ctn-kix_gwndc3mqwmcy-1,lower-latin) ". "}.lst-kix_lk52bjfbjwjc-8 > li:before{content:"" counter(lst-ctn-kix_lk52bjfbjwjc-8,lower-roman) ". "}.lst-kix_o9s0wterxbug-4 > li:before{content:"○ "}ol.lst-kix_vfxz1t85g6j4-8.start{counter-reset:lst-ctn-kix_vfxz1t85g6j4-8 0}.lst-kix_o9s0wterxbug-8 > li:before{content:"■ "}.lst-kix_gwndc3mqwmcy-4 > li{counter-increment:lst-ctn-kix_gwndc3mqwmcy-4}.lst-kix_lk52bjfbjwjc-4 > li:before{content:"" counter(lst-ctn-kix_lk52bjfbjwjc-4,lower-latin) ". "}.lst-kix_5r5j42qsnjbr-0 > li:before{content:"➢ "}.lst-kix_9xcdtvt2alrk-4 > li{counter-increment:lst-ctn-kix_9xcdtvt2alrk-4}.lst-kix_5r5j42qsnjbr-4 > li:before{content:"○ "}.lst-kix_lk52bjfbjwjc-5 > li{counter-increment:lst-ctn-kix_lk52bjfbjwjc-5}.lst-kix_u3yclj3uymme-7 > li:before{content:"○ "}.lst-kix_akx24g6e9aga-2 > li{counter-increment:lst-ctn-kix_akx24g6e9aga-2}.lst-kix_vfxz1t85g6j4-7 > li:before{content:"" counter(lst-ctn-kix_vfxz1t85g6j4-7,lower-latin) ". "}.lst-kix_lk52bjfbjwjc-3 > li{counter-increment:lst-ctn-kix_lk52bjfbjwjc-3}.lst-kix_4xqhakar7j33-5 > li:before{content:"■ "}.lst-kix_r79q60slt0l3-1 > li:before{content:"○ "}.lst-kix_r79q60slt0l3-5 > li:before{content:"■ "}.lst-kix_gwndc3mqwmcy-6 > li{counter-increment:lst-ctn-kix_gwndc3mqwmcy-6}ol.lst-kix_lk52bjfbjwjc-2.start{counter-reset:lst-ctn-kix_lk52bjfbjwjc-2 0}ol.lst-kix_lk52bjfbjwjc-5.start{counter-reset:lst-ctn-kix_lk52bjfbjwjc-5 0}.lst-kix_9yl923vjsxzv-6 > li:before{content:"● "}.lst-kix_bkg93artchb6-5 > li{counter-increment:lst-ctn-kix_bkg93artchb6-5}.lst-kix_akx24g6e9aga-7 > li{counter-increment:lst-ctn-kix_akx24g6e9aga-7}.lst-kix_9xcdtvt2alrk-1 > li:before{content:"" counter(lst-ctn-kix_9xcdtvt2alrk-1,lower-latin) ". "}.lst-kix_9xcdtvt2alrk-5 > li:before{content:"" counter(lst-ctn-kix_9xcdtvt2alrk-5,lower-roman) ". "}.lst-kix_vfxz1t85g6j4-3 > li{counter-increment:lst-ctn-kix_vfxz1t85g6j4-3}ol.lst-kix_akx24g6e9aga-4.start{counter-reset:lst-ctn-kix_akx24g6e9aga-4 0}.lst-kix_9yl923vjsxzv-2 > li:before{content:"■ "}.lst-kix_5r5j42qsnjbr-8 > li:before{content:"■ "}ul.lst-kix_vdznqg9fhtk4-8{list-style-type:none}ul.lst-kix_vdznqg9fhtk4-7{list-style-type:none}ol.lst-kix_vfxz1t85g6j4-5.start{counter-reset:lst-ctn-kix_vfxz1t85g6j4-5 0}.lst-kix_bkg93artchb6-0 > li{counter-increment:lst-ctn-kix_bkg93artchb6-0}.lst-kix_6weihtdw2gs0-3 > li:before{content:"● "}.lst-kix_akx24g6e9aga-8 > li:before{content:"" counter(lst-ctn-kix_akx24g6e9aga-8,lower-roman) ". "}ol.lst-kix_akx24g6e9aga-8{list-style-type:none}ol.lst-kix_akx24g6e9aga-7{list-style-type:none}ol.lst-kix_akx24g6e9aga-6{list-style-type:none}ul.lst-kix_vdznqg9fhtk4-4{list-style-type:none}ol.lst-kix_akx24g6e9aga-5{list-style-type:none}ul.lst-kix_vdznqg9fhtk4-3{list-style-type:none}ol.lst-kix_akx24g6e9aga-4{list-style-type:none}ul.lst-kix_vdznqg9fhtk4-6{list-style-type:none}ol.lst-kix_akx24g6e9aga-3{list-style-type:none}ul.lst-kix_vdznqg9fhtk4-5{list-style-type:none}ol.lst-kix_akx24g6e9aga-2{list-style-type:none}.lst-kix_s5f941k6u9c1-7 > li:before{content:"○ "}ul.lst-kix_vdznqg9fhtk4-0{list-style-type:none}ul.lst-kix_5r5j42qsnjbr-0{list-style-type:none}ol.lst-kix_akx24g6e9aga-1{list-style-type:none}ol.lst-kix_lk52bjfbjwjc-4.start{counter-reset:lst-ctn-kix_lk52bjfbjwjc-4 0}ul.lst-kix_5r5j42qsnjbr-1{list-style-type:none}ol.lst-kix_akx24g6e9aga-0{list-style-type:none}ul.lst-kix_vdznqg9fhtk4-2{list-style-type:none}ul.lst-kix_5r5j42qsnjbr-2{list-style-type:none}.lst-kix_6weihtdw2gs0-7 > li:before{content:"● "}ul.lst-kix_vdznqg9fhtk4-1{list-style-type:none}.lst-kix_gwndc3mqwmcy-5 > li:before{content:"" counter(lst-ctn-kix_gwndc3mqwmcy-5,lower-roman) ". "}ol.lst-kix_akx24g6e9aga-3.start{counter-reset:lst-ctn-kix_akx24g6e9aga-3 0}.lst-kix_bxky83jh3lko-6 > li:before{content:"● "}ol.lst-kix_vfxz1t85g6j4-6.start{counter-reset:lst-ctn-kix_vfxz1t85g6j4-6 0}.lst-kix_o9s0wterxbug-0 > li:before{content:"➢ "}.lst-kix_ifp44qk62beh-5 > li{counter-increment:lst-ctn-kix_ifp44qk62beh-5}.lst-kix_bkg93artchb6-8 > li{counter-increment:lst-ctn-kix_bkg93artchb6-8}ol.lst-kix_gwndc3mqwmcy-3.start{counter-reset:lst-ctn-kix_gwndc3mqwmcy-3 0}.lst-kix_vfxz1t85g6j4-0 > li{counter-increment:lst-ctn-kix_vfxz1t85g6j4-0}ul.lst-kix_5r5j42qsnjbr-3{list-style-type:none}ul.lst-kix_5r5j42qsnjbr-4{list-style-type:none}ul.lst-kix_5r5j42qsnjbr-5{list-style-type:none}ol.lst-kix_akx24g6e9aga-2.start{counter-reset:lst-ctn-kix_akx24g6e9aga-2 0}ul.lst-kix_5r5j42qsnjbr-6{list-style-type:none}ul.lst-kix_5r5j42qsnjbr-7{list-style-type:none}ul.lst-kix_5r5j42qsnjbr-8{list-style-type:none}ol.lst-kix_bkg93artchb6-8.start{counter-reset:lst-ctn-kix_bkg93artchb6-8 0}ul.lst-kix_6weihtdw2gs0-5{list-style-type:none}ul.lst-kix_6weihtdw2gs0-6{list-style-type:none}ul.lst-kix_6weihtdw2gs0-3{list-style-type:none}ul.lst-kix_6weihtdw2gs0-4{list-style-type:none}ul.lst-kix_6weihtdw2gs0-7{list-style-type:none}ul.lst-kix_6weihtdw2gs0-8{list-style-type:none}.lst-kix_akx24g6e9aga-0 > li{counter-increment:lst-ctn-kix_akx24g6e9aga-0}ul.lst-kix_6weihtdw2gs0-1{list-style-type:none}ul.lst-kix_6weihtdw2gs0-2{list-style-type:none}ol.lst-kix_ifp44qk62beh-6.start{counter-reset:lst-ctn-kix_ifp44qk62beh-6 0}ul.lst-kix_6weihtdw2gs0-0{list-style-type:none}.lst-kix_9xcdtvt2alrk-6 > li{counter-increment:lst-ctn-kix_9xcdtvt2alrk-6}ol.lst-kix_vfxz1t85g6j4-1.start{counter-reset:lst-ctn-kix_vfxz1t85g6j4-1 0}ul.lst-kix_fkg8c88kwmo2-0{list-style-type:none}ul.lst-kix_fkg8c88kwmo2-1{list-style-type:none}ul.lst-kix_fkg8c88kwmo2-4{list-style-type:none}ul.lst-kix_fkg8c88kwmo2-5{list-style-type:none}ul.lst-kix_fkg8c88kwmo2-2{list-style-type:none}ul.lst-kix_fkg8c88kwmo2-3{list-style-type:none}ul.lst-kix_fkg8c88kwmo2-8{list-style-type:none}ul.lst-kix_fkg8c88kwmo2-6{list-style-type:none}ul.lst-kix_fkg8c88kwmo2-7{list-style-type:none}.lst-kix_d8t9nzglhd2p-6 > li:before{content:"● "}.lst-kix_d8t9nzglhd2p-8 > li:before{content:"■ "}ul.lst-kix_o9s0wterxbug-2{list-style-type:none}ul.lst-kix_o9s0wterxbug-3{list-style-type:none}ul.lst-kix_o9s0wterxbug-0{list-style-type:none}ul.lst-kix_o9s0wterxbug-1{list-style-type:none}.lst-kix_d8t9nzglhd2p-7 > li:before{content:"○ "}ol.lst-kix_bkg93artchb6-8{list-style-type:none}ol.lst-kix_bkg93artchb6-7{list-style-type:none}.lst-kix_d8t9nzglhd2p-4 > li:before{content:"○ "}.lst-kix_u3yclj3uymme-1 > li:before{content:"○ "}ol.lst-kix_bkg93artchb6-4{list-style-type:none}.lst-kix_d8t9nzglhd2p-5 > li:before{content:"■ "}.lst-kix_ifp44qk62beh-6 > li{counter-increment:lst-ctn-kix_ifp44qk62beh-6}ol.lst-kix_bkg93artchb6-3{list-style-type:none}ol.lst-kix_bkg93artchb6-6{list-style-type:none}.lst-kix_u3yclj3uymme-0 > li:before{content:"➢ "}ol.lst-kix_bkg93artchb6-5{list-style-type:none}ol.lst-kix_gwndc3mqwmcy-7{list-style-type:none}.lst-kix_lk52bjfbjwjc-6 > li{counter-increment:lst-ctn-kix_lk52bjfbjwjc-6}ol.lst-kix_gwndc3mqwmcy-8{list-style-type:none}ol.lst-kix_gwndc3mqwmcy-5{list-style-type:none}.lst-kix_d8t9nzglhd2p-0 > li:before{content:"➢ "}.lst-kix_u3yclj3uymme-3 > li:before{content:"● "}.lst-kix_u3yclj3uymme-5 > li:before{content:"■ "}ol.lst-kix_gwndc3mqwmcy-6{list-style-type:none}ol.lst-kix_gwndc3mqwmcy-3{list-style-type:none}ol.lst-kix_gwndc3mqwmcy-4{list-style-type:none}ol.lst-kix_gwndc3mqwmcy-1{list-style-type:none}.lst-kix_u3yclj3uymme-2 > li:before{content:"■ "}.lst-kix_u3yclj3uymme-6 > li:before{content:"● "}ol.lst-kix_gwndc3mqwmcy-2{list-style-type:none}ul.lst-kix_o9s0wterxbug-6{list-style-type:none}.lst-kix_d8t9nzglhd2p-3 > li:before{content:"● "}ol.lst-kix_akx24g6e9aga-7.start{counter-reset:lst-ctn-kix_akx24g6e9aga-7 0}ul.lst-kix_o9s0wterxbug-7{list-style-type:none}ul.lst-kix_o9s0wterxbug-4{list-style-type:none}.lst-kix_d8t9nzglhd2p-2 > li:before{content:"■ "}ul.lst-kix_o9s0wterxbug-5{list-style-type:none}.lst-kix_d8t9nzglhd2p-1 > li:before{content:"○ "}ul.lst-kix_o9s0wterxbug-8{list-style-type:none}.lst-kix_u3yclj3uymme-4 > li:before{content:"○ "}.lst-kix_bkg93artchb6-1 > li{counter-increment:lst-ctn-kix_bkg93artchb6-1}ol.lst-kix_gwndc3mqwmcy-0{list-style-type:none}.lst-kix_bkg93artchb6-4 > li{counter-increment:lst-ctn-kix_bkg93artchb6-4}ol.lst-kix_bkg93artchb6-0{list-style-type:none}ol.lst-kix_lk52bjfbjwjc-0.start{counter-reset:lst-ctn-kix_lk52bjfbjwjc-0 0}ol.lst-kix_bkg93artchb6-2{list-style-type:none}ol.lst-kix_bkg93artchb6-1{list-style-type:none}ol.lst-kix_lk52bjfbjwjc-7.start{counter-reset:lst-ctn-kix_lk52bjfbjwjc-7 0}.lst-kix_akx24g6e9aga-4 > li{counter-increment:lst-ctn-kix_akx24g6e9aga-4}.lst-kix_4xqhakar7j33-0 > li:before{content:"● "}ul.lst-kix_bxky83jh3lko-5{list-style-type:none}ol.lst-kix_vfxz1t85g6j4-6{list-style-type:none}ul.lst-kix_bxky83jh3lko-6{list-style-type:none}ol.lst-kix_vfxz1t85g6j4-7{list-style-type:none}ul.lst-kix_bxky83jh3lko-3{list-style-type:none}ol.lst-kix_vfxz1t85g6j4-4{list-style-type:none}ul.lst-kix_bxky83jh3lko-4{list-style-type:none}ol.lst-kix_vfxz1t85g6j4-5{list-style-type:none}ul.lst-kix_bxky83jh3lko-1{list-style-type:none}ul.lst-kix_bxky83jh3lko-2{list-style-type:none}.lst-kix_4xqhakar7j33-8 > li:before{content:"■ "}.lst-kix_akx24g6e9aga-3 > li{counter-increment:lst-ctn-kix_akx24g6e9aga-3}ol.lst-kix_vfxz1t85g6j4-8{list-style-type:none}ul.lst-kix_bxky83jh3lko-0{list-style-type:none}ol.lst-kix_ifp44qk62beh-4.start{counter-reset:lst-ctn-kix_ifp44qk62beh-4 0}ol.lst-kix_vfxz1t85g6j4-2{list-style-type:none}ol.lst-kix_vfxz1t85g6j4-3{list-style-type:none}ol.lst-kix_vfxz1t85g6j4-0{list-style-type:none}ol.lst-kix_vfxz1t85g6j4-1{list-style-type:none}.lst-kix_vfxz1t85g6j4-6 > li:before{content:"" counter(lst-ctn-kix_vfxz1t85g6j4-6,decimal) ". "}ul.lst-kix_bxky83jh3lko-7{list-style-type:none}.lst-kix_u3yclj3uymme-8 > li:before{content:"■ "}ul.lst-kix_bxky83jh3lko-8{list-style-type:none}ul.lst-kix_9yl923vjsxzv-6{list-style-type:none}ul.lst-kix_9yl923vjsxzv-7{list-style-type:none}.lst-kix_vfxz1t85g6j4-8 > li:before{content:"" counter(lst-ctn-kix_vfxz1t85g6j4-8,lower-roman) ". "}.lst-kix_4xqhakar7j33-6 > li:before{content:"● "}ul.lst-kix_9yl923vjsxzv-8{list-style-type:none}.lst-kix_vfxz1t85g6j4-7 > li{counter-increment:lst-ctn-kix_vfxz1t85g6j4-7}ol.lst-kix_9xcdtvt2alrk-5.start{counter-reset:lst-ctn-kix_9xcdtvt2alrk-5 0}ul.lst-kix_9yl923vjsxzv-0{list-style-type:none}.lst-kix_4xqhakar7j33-2 > li:before{content:"■ "}.lst-kix_4xqhakar7j33-4 > li:before{content:"○ "}ul.lst-kix_9yl923vjsxzv-1{list-style-type:none}ul.lst-kix_9yl923vjsxzv-2{list-style-type:none}ul.lst-kix_9yl923vjsxzv-3{list-style-type:none}ul.lst-kix_9yl923vjsxzv-4{list-style-type:none}ul.lst-kix_9yl923vjsxzv-5{list-style-type:none}.lst-kix_9xcdtvt2alrk-2 > li:before{content:"" counter(lst-ctn-kix_9xcdtvt2alrk-2,lower-roman) ". "}.lst-kix_9xcdtvt2alrk-4 > li:before{content:"" counter(lst-ctn-kix_9xcdtvt2alrk-4,lower-latin) ". "}ol.lst-kix_gwndc3mqwmcy-8.start{counter-reset:lst-ctn-kix_gwndc3mqwmcy-8 0}.lst-kix_9xcdtvt2alrk-0 > li:before{content:"" counter(lst-ctn-kix_9xcdtvt2alrk-0,upper-latin) ". "}ol.lst-kix_ifp44qk62beh-1.start{counter-reset:lst-ctn-kix_ifp44qk62beh-1 0}ol.lst-kix_9xcdtvt2alrk-7.start{counter-reset:lst-ctn-kix_9xcdtvt2alrk-7 0}ul.lst-kix_s5f941k6u9c1-0{list-style-type:none}ul.lst-kix_s5f941k6u9c1-1{list-style-type:none}ul.lst-kix_s5f941k6u9c1-2{list-style-type:none}ul.lst-kix_blnfahfintxj-6{list-style-type:none}ul.lst-kix_s5f941k6u9c1-3{list-style-type:none}ul.lst-kix_blnfahfintxj-5{list-style-type:none}ul.lst-kix_s5f941k6u9c1-4{list-style-type:none}ul.lst-kix_blnfahfintxj-8{list-style-type:none}ul.lst-kix_s5f941k6u9c1-5{list-style-type:none}ul.lst-kix_blnfahfintxj-7{list-style-type:none}ul.lst-kix_s5f941k6u9c1-6{list-style-type:none}.lst-kix_9xcdtvt2alrk-8 > li:before{content:"" counter(lst-ctn-kix_9xcdtvt2alrk-8,lower-roman) ". "}ul.lst-kix_s5f941k6u9c1-7{list-style-type:none}ul.lst-kix_s5f941k6u9c1-8{list-style-type:none}.lst-kix_gwndc3mqwmcy-2 > li{counter-increment:lst-ctn-kix_gwndc3mqwmcy-2}ul.lst-kix_blnfahfintxj-0{list-style-type:none}.lst-kix_9xcdtvt2alrk-6 > li:before{content:"" counter(lst-ctn-kix_9xcdtvt2alrk-6,decimal) ". "}.lst-kix_ifp44qk62beh-2 > li{counter-increment:lst-ctn-kix_ifp44qk62beh-2}ul.lst-kix_blnfahfintxj-2{list-style-type:none}.lst-kix_lk52bjfbjwjc-7 > li{counter-increment:lst-ctn-kix_lk52bjfbjwjc-7}ul.lst-kix_blnfahfintxj-1{list-style-type:none}ul.lst-kix_blnfahfintxj-4{list-style-type:none}ul.lst-kix_blnfahfintxj-3{list-style-type:none}.lst-kix_fkg8c88kwmo2-0 > li:before{content:"➢ "}.lst-kix_fkg8c88kwmo2-1 > li:before{content:"○ "}ul.lst-kix_d8t9nzglhd2p-7{list-style-type:none}.lst-kix_blnfahfintxj-1 > li:before{content:"○ "}.lst-kix_blnfahfintxj-2 > li:before{content:"■ "}.lst-kix_blnfahfintxj-5 > li:before{content:"■ "}.lst-kix_blnfahfintxj-6 > li:before{content:"● "}ul.lst-kix_d8t9nzglhd2p-8{list-style-type:none}ul.lst-kix_d8t9nzglhd2p-5{list-style-type:none}ul.lst-kix_d8t9nzglhd2p-6{list-style-type:none}.lst-kix_bkg93artchb6-3 > li:before{content:"" counter(lst-ctn-kix_bkg93artchb6-3,decimal) ". "}ul.lst-kix_d8t9nzglhd2p-3{list-style-type:none}ul.lst-kix_d8t9nzglhd2p-4{list-style-type:none}.lst-kix_bkg93artchb6-2 > li:before{content:"" counter(lst-ctn-kix_bkg93artchb6-2,lower-roman) ". "}ul.lst-kix_d8t9nzglhd2p-1{list-style-type:none}ul.lst-kix_d8t9nzglhd2p-2{list-style-type:none}ol.lst-kix_gwndc3mqwmcy-0.start{counter-reset:lst-ctn-kix_gwndc3mqwmcy-0 0}ol.lst-kix_9xcdtvt2alrk-3.start{counter-reset:lst-ctn-kix_9xcdtvt2alrk-3 0}ul.lst-kix_d8t9nzglhd2p-0{list-style-type:none}ol.lst-kix_bkg93artchb6-5.start{counter-reset:lst-ctn-kix_bkg93artchb6-5 0}.lst-kix_fkg8c88kwmo2-8 > li:before{content:"■ "}.lst-kix_ifp44qk62beh-1 > li:before{content:"" counter(lst-ctn-kix_ifp44qk62beh-1,lower-latin) ") "}.lst-kix_ifp44qk62beh-0 > li:before{content:"" counter(lst-ctn-kix_ifp44qk62beh-0,decimal) ") "}.lst-kix_s5f941k6u9c1-1 > li:before{content:"○ "}.lst-kix_fkg8c88kwmo2-4 > li:before{content:"○ "}.lst-kix_s5f941k6u9c1-2 > li:before{content:"■ "}.lst-kix_fkg8c88kwmo2-5 > li:before{content:"■ "}.lst-kix_bxky83jh3lko-1 > li:before{content:"○ "}ol.lst-kix_gwndc3mqwmcy-6.start{counter-reset:lst-ctn-kix_gwndc3mqwmcy-6 0}.lst-kix_bxky83jh3lko-0 > li:before{content:"● "}.lst-kix_akx24g6e9aga-6 > li:before{content:"" counter(lst-ctn-kix_akx24g6e9aga-6,decimal) ". "}.lst-kix_1v97vf26qm1q-4 > li:before{content:"○ "}.lst-kix_1v97vf26qm1q-5 > li:before{content:"■ "}ol.lst-kix_ifp44qk62beh-3.start{counter-reset:lst-ctn-kix_ifp44qk62beh-3 0}.lst-kix_ifp44qk62beh-8 > li:before{content:"" counter(lst-ctn-kix_ifp44qk62beh-8,lower-roman) ". "}.lst-kix_akx24g6e9aga-8 > li{counter-increment:lst-ctn-kix_akx24g6e9aga-8}.lst-kix_akx24g6e9aga-2 > li:before{content:"" counter(lst-ctn-kix_akx24g6e9aga-2,lower-roman) ". "}.lst-kix_akx24g6e9aga-3 > li:before{content:"" counter(lst-ctn-kix_akx24g6e9aga-3,decimal) ". "}.lst-kix_ifp44qk62beh-1 > li{counter-increment:lst-ctn-kix_ifp44qk62beh-1}.lst-kix_ifp44qk62beh-4 > li:before{content:"(" counter(lst-ctn-kix_ifp44qk62beh-4,lower-latin) ") "}.lst-kix_1v97vf26qm1q-8 > li:before{content:"■ "}.lst-kix_ifp44qk62beh-5 > li:before{content:"(" counter(lst-ctn-kix_ifp44qk62beh-5,lower-roman) ") "}.lst-kix_tddfeigrxn2b-6 > li:before{content:"● "}.lst-kix_vdznqg9fhtk4-8 > li:before{content:"■ "}ul.lst-kix_1v97vf26qm1q-8{list-style-type:none}ul.lst-kix_1v97vf26qm1q-6{list-style-type:none}ol.lst-kix_gwndc3mqwmcy-5.start{counter-reset:lst-ctn-kix_gwndc3mqwmcy-5 0}.lst-kix_tddfeigrxn2b-5 > li:before{content:"■ "}ul.lst-kix_1v97vf26qm1q-7{list-style-type:none}.lst-kix_vdznqg9fhtk4-5 > li:before{content:"■ "}ul.lst-kix_1v97vf26qm1q-4{list-style-type:none}.lst-kix_tddfeigrxn2b-2 > li:before{content:"■ "}ul.lst-kix_1v97vf26qm1q-5{list-style-type:none}ul.lst-kix_1v97vf26qm1q-2{list-style-type:none}ul.lst-kix_1v97vf26qm1q-3{list-style-type:none}ol.lst-kix_bkg93artchb6-0.start{counter-reset:lst-ctn-kix_bkg93artchb6-0 0}.lst-kix_vdznqg9fhtk4-4 > li:before{content:"○ "}ul.lst-kix_1v97vf26qm1q-0{list-style-type:none}ul.lst-kix_1v97vf26qm1q-1{list-style-type:none}.lst-kix_gwndc3mqwmcy-3 > li{counter-increment:lst-ctn-kix_gwndc3mqwmcy-3}.lst-kix_tddfeigrxn2b-1 > li:before{content:"○ "}ol.lst-kix_bkg93artchb6-6.start{counter-reset:lst-ctn-kix_bkg93artchb6-6 0}.lst-kix_lk52bjfbjwjc-2 > li{counter-increment:lst-ctn-kix_lk52bjfbjwjc-2}.lst-kix_1v97vf26qm1q-0 > li:before{content:"➢ "}.lst-kix_1v97vf26qm1q-1 > li:before{content:"○ "}.lst-kix_akx24g6e9aga-6 > li{counter-increment:lst-ctn-kix_akx24g6e9aga-6}ul.lst-kix_u3yclj3uymme-1{list-style-type:none}.lst-kix_vfxz1t85g6j4-1 > li:before{content:"" counter(lst-ctn-kix_vfxz1t85g6j4-1,lower-latin) ". "}ul.lst-kix_u3yclj3uymme-2{list-style-type:none}ul.lst-kix_u3yclj3uymme-3{list-style-type:none}.lst-kix_vfxz1t85g6j4-2 > li:before{content:"" counter(lst-ctn-kix_vfxz1t85g6j4-2,lower-roman) ". "}ul.lst-kix_u3yclj3uymme-4{list-style-type:none}ul.lst-kix_u3yclj3uymme-0{list-style-type:none}.lst-kix_lk52bjfbjwjc-2 > li:before{content:"" counter(lst-ctn-kix_lk52bjfbjwjc-2,lower-roman) ". "}ol.lst-kix_9xcdtvt2alrk-4.start{counter-reset:lst-ctn-kix_9xcdtvt2alrk-4 0}ul.lst-kix_u3yclj3uymme-5{list-style-type:none}ul.lst-kix_u3yclj3uymme-6{list-style-type:none}ul.lst-kix_u3yclj3uymme-7{list-style-type:none}ul.lst-kix_u3yclj3uymme-8{list-style-type:none}.lst-kix_bkg93artchb6-7 > li:before{content:"" counter(lst-ctn-kix_bkg93artchb6-7,lower-latin) ". "}.lst-kix_bkg93artchb6-6 > li:before{content:"" counter(lst-ctn-kix_bkg93artchb6-6,decimal) ". "}.lst-kix_vdznqg9fhtk4-0 > li:before{content:"➢ "}.lst-kix_vdznqg9fhtk4-1 > li:before{content:"○ "}.lst-kix_9xcdtvt2alrk-5 > li{counter-increment:lst-ctn-kix_9xcdtvt2alrk-5}.lst-kix_gwndc3mqwmcy-5 > li{counter-increment:lst-ctn-kix_gwndc3mqwmcy-5}.lst-kix_r79q60slt0l3-7 > li:before{content:"○ "}.lst-kix_4xqhakar7j33-7 > li:before{content:"○ "}ol.lst-kix_bkg93artchb6-1.start{counter-reset:lst-ctn-kix_bkg93artchb6-1 0}.lst-kix_9xcdtvt2alrk-3 > li{counter-increment:lst-ctn-kix_9xcdtvt2alrk-3}ul.lst-kix_r79q60slt0l3-8{list-style-type:none}ul.lst-kix_r79q60slt0l3-6{list-style-type:none}.lst-kix_lk52bjfbjwjc-6 > li:before{content:"" counter(lst-ctn-kix_lk52bjfbjwjc-6,decimal) ". 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"}ol.lst-kix_gwndc3mqwmcy-4.start{counter-reset:lst-ctn-kix_gwndc3mqwmcy-4 0}.lst-kix_r79q60slt0l3-3 > li:before{content:"● "}.lst-kix_9yl923vjsxzv-8 > li:before{content:"■ "}.lst-kix_9yl923vjsxzv-4 > li:before{content:"○ "}.lst-kix_4xqhakar7j33-3 > li:before{content:"● "}.lst-kix_vfxz1t85g6j4-4 > li{counter-increment:lst-ctn-kix_vfxz1t85g6j4-4}ul.lst-kix_tddfeigrxn2b-2{list-style-type:none}ul.lst-kix_tddfeigrxn2b-3{list-style-type:none}ul.lst-kix_tddfeigrxn2b-4{list-style-type:none}ul.lst-kix_tddfeigrxn2b-5{list-style-type:none}ul.lst-kix_tddfeigrxn2b-6{list-style-type:none}ul.lst-kix_tddfeigrxn2b-7{list-style-type:none}ul.lst-kix_tddfeigrxn2b-8{list-style-type:none}.lst-kix_9yl923vjsxzv-0 > li:before{content:"● "}ul.lst-kix_tddfeigrxn2b-0{list-style-type:none}.lst-kix_9xcdtvt2alrk-3 > li:before{content:"" counter(lst-ctn-kix_9xcdtvt2alrk-3,decimal) ". 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Chapter 1: The Nature of EconomicsIf you want to learn more check out What is pictograph?

  • Define Economics
  • Discuss the differences between microeconomics and macroeconomics
  • Identify the three basics of economics questions
  • Distinguish between positive and normative economics

  1. Define Economics

We also discuss several other topics like How would you decribe celestial sphere?

Economics is the study of how people allocate their limited resources in an attempt to satisfy their unlimited wants

  • Resources: things used to produce goods and services to satisfy people’s wants. They include those provided by  nature as well as those that previous generations have provided
  • Wants: What people would buy if their incomes were unlimited  
  • As such, Economics is the study of how people make choices, example, how individuals and societies choose to use the resources available to them.

If you want to learn more check out Where did the earliest american origanted from?

Example:

  1. Choice of how to spend your limited income
  2. Choice to spend your limited income
  3. Choice for a car, factory, or how much its limited funds to spend on advertising and how much to spend on new product research.

  • In summary, in Economics, we examine in which individuals or firms choose how to do things, when to do things, and with whom to do them.

If you want to learn more check out What is neolithic art?

 The Three Basic Economic Questions

  1. Q1: What and how much will be produced?
  • Which items to produce vs. inventors, pipe dreams or individuals’ unfulfilled desires

  1. Q2: How will items be produced?
  • Decisions must be made about the mix of resources used in production, the way in which they are organized, and how they are brought together on a particular location

  1. Q3: For whom will items be produced?
  • Once an item is produced, who should be able to obtain it? People use scarce resources to produce any item, so people value access to that item

We also discuss several other topics like What are the 5 main elements of music?

If you want to learn more check out What are universal (not just us) functions of families?

  • Thus, determining a mechanism for distributing produced items is a critical issue for any society.

(Remante)

  • Choice is a key aspect of economics and this is because resources are scarce. By scarce, in Economics, we mean that resources are limited. There are not enough resources available to satisfy everyone’s wants.

  • Consequently, individuals and societies must ultimately choose what to produce, how to produce it and how to allocate what  is produced.

Marginal Rate of Transformation

The Law of Increasing Additional Cost

  • The opportunity cost increases as society attempts to produce more of the good
  • This creates a bowed-surface of the production possibilities curve.

The Difference between Microeconomics and Macroeconomics

  1. Microeconomics is the study of economics at an individual, group or company level. It focuses on issues that affect individuals and companies. This could mean studying the supply and demand for a specific product. The production that an individual or business is capable of, or the effects of regulation on business

  1. Macroeconomics is the study of a national economy as a whole. It focuses on issues that affect the economy as a whole. Some of the most common focuses of macroeconomics include unemployment and the effects of exports and imports.

Positive economics vs. Normative economics

  1. Positive Economics is objective and fact-based.
  • Positive economics statements do not have to be correct, but they must be able to be tested and proved or disproved.

        Example: Government provided healthcare increases public expenditures

  1. Normative economics is subjective and value-based.
  • Normative economic statements are opinion-based, so they cannot be proved or disproved. Example, Government could provide basic healthcare to all

  • Positive Economy: objective and fact-based
  • Normative Economy: subjective and value-based

Chapter 2: Society and the World of Trade

Society: The fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.

It states that a society has insufficient productive resources to fulfill all human wants and needs.

Specialization: It is when a nation or individual concentrates its productive efforts on producing a limited variety of goods. It oftentime has to forge producing other goods and relies on obtaining those other goods through trade.

 Absolute Advantage vs. comparative Advantage

  1.  Absolute Advantage (differences in productivity of nations)
  • The capability to produce more of a given product using less of a given resource than a competing entity.

  • The producer that requires a small quantity of inputs to produce a good is said to have an absolute advantage producing that good.

  1. Comparative advantage (differences in opportunity costs)
  • The ability of a party to produce a particular product or service on a lower marginal and opportunity cost over another.

  • The existence or a Comparative advantage allows both parties to benefit from trading because each party will receive a good at a price that is lower than an opportunity cost or producing that good.

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