New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

Microeconomics: ECON 2106 Dr. Medcalfe

by: Aaron Byrd

Microeconomics: ECON 2106 Dr. Medcalfe

Marketplace > Augusta State University > Business > > Microeconomics ECON 2106 Dr Medcalfe
Aaron Byrd
GPA 3.4
View Full Document for 0 Karma

View Full Document


Unlock These Notes for FREE

Enter your email below and we will instantly email you these Notes for Microeconomics

(Limited time offer)

Unlock Notes

Already have a StudySoup account? Login here

Unlock FREE Class Notes

Enter your email below to receive Microeconomics notes

Everyone needs better class notes. Enter your email and we will send you notes for this class for free.

Unlock FREE notes

About this Document

These notes cover what we went over on the first day of class.
Simon Medcalfe
Class Notes
Economics, resources, scarcity




Popular in Microeconomics

Popular in Business

This 2 page Class Notes was uploaded by Aaron Byrd on Sunday August 21, 2016. The Class Notes belongs to at Augusta State University taught by Simon Medcalfe in Fall 2016. Since its upload, it has received 3 views. For similar materials see Microeconomics in Business at Augusta State University.


Reviews for Microeconomics: ECON 2106 Dr. Medcalfe


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 08/21/16
Microeconomics  Wednesday August 17  Week 1 notes: Intro to microeconomics Definitions: 1. Economics­ The study of the choices we make 2. Resources­ Inputs used to produce goods and services 3. Scarcity­ unlimited wants are greater than our resources   Economics ­ Why do we have to make choices? We simply can’t do everything because of the  scarcity of resources   Resources  There are 4 main inputs in Economics: Labor, Land, Capital, and Entrepreneurship  1. Labor (human beings) ­ The 2 aspects of labor are quality and quantity.  ­ In regards to quantity, More people = More production ­ Although, quality is the most important in regards to labor. The example referred  to in class by Dr. Medcalfe comparing the labor of China and the United States is  a prime example. China’s population, though greater than the United States, is not as sufficient due to the knowledge of the laborers. The education of the laborers in the United States creates more sufficiency.  2. Land  3. Capital (equipment) ­ These are the tools used to produce goods and services  4. Entrepreneurship  ­ The focus is that you need people to take the risk to utilize: Labor, Land and  Capital, to produce goods and services. ­ Two results of Entrepreneurship is profit or failure.  ­ The crucial piece is to produces goods and services that are in high demand.  ­ If what is produced is in high demand then the company will make a profit. Vice  versa if what is produced is not demanded much, failure is inevitable.   Scarcity ­ scarcity forces us to choose and shows us that there are economic problems that  exist  ­ The production of goods and services , mentioned in the resources section, that  are highly desired is the essence to the meaning of scarcity 


Buy Material

Are you sure you want to buy this material for

0 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Jim McGreen Ohio University

"Knowing I can count on the Elite Notetaker in my class allows me to focus on what the professor is saying instead of just scribbling notes the whole time and falling behind."

Janice Dongeun University of Washington

"I used the money I made selling my notes & study guides to pay for spring break in Olympia, Washington...which was Sweet!"

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"


"Their 'Elite Notetakers' are making over $1,200/month in sales by creating high quality content that helps their classmates in a time of need."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.